LONDON (Scrap Monster): London Stock Exchange listed mining company, Vedanta Resources(LSE :VED), has announced its production and sales results for the second quarter and the first six months ending June 30 of the financial year 2012-13.
In the second quarter, Vedanta produced 400,000 mt of iron ore, down 65% compared to the corresponding quarter of the previous year. In the first half of the financial year, the iron ore output of the company amounted to 3.7 million mt, declined by 32% year-on-year.
Vedanta sold 200,000 mt of iron ore in the second quarter, down 86%, and 3.1 million mt of iron ore in the first half, down 47%, both year-on-year.
According to Vedanta, iron ore operations were affected by the mining ban in Karnataka, a temporary restriction on iron ore extraction in Goa, and transportation restrictions in South Goa during the monsoons.
The Goa state government ordered a temporary suspension on extraction of ore across the state of Goa from September 11, 2012 pending verification of various approval documents, but stated that the ore already mined-out may be transported and sold after inspection and clearance by the state government.
Additionally, on October 5, 2012, the Supreme Court ruled for a continuation of the ban on mining activities in Goa, and asked the Supreme Court-appointed Central Empowered Committee (CEC) to file a preliminary report in four weeks.
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