Chinalco could invest $426 million in Suriname bauxite project
If approved by parliament, Chinalco could begin construction by the middle of next year.
Vedanta Resources, controlled by billionaire Anil Agarwal, and other miners can transport already mined iron ore from Goa on which royalties have been paid, India’s top court ruled on Wednesday, providing relief to the state’s miners.
India’s Supreme Court in February quashed all iron ore mining permits in the southwestern state of Goa, one of the top producing states for the steel-making raw material.
“The State of Goa will ensure and confirm that only that iron ore is loaded which is royalty paid and which is lying in the jetties on or before 15th March, 2018,” the judges wrote in the order.
The top court’s ban brought mining in the low-quality iron ore producing state to a halt, putting companies and thousands of jobs in jeopardy.
The move provides relief to miners including Vedanta and several small unlisted companies run by local business families.
The London-listed company said last month it would likely record an impairment charge of up to $600 million following the closure of its iron ore business in Goa. (Reporting by Sudarshan Varadhan, editing by David Evans)
