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Goa mining ban "unfortunate" says Vedanta's Anil Agarwal

Goa mining ban "unfortunate" says Vedanta's Anil Agarwal

Goa mining ban "unfortunate" says Vedanta's Anil Agarwal
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By CNBCTV18.COMMar 16, 2018 6:27:34 AM IST (Published)

Vedanta Chairman Anil Agarwal on Friday called for greater clarity on the government's plans for auctions of mining leases and termed the ban "unfortunate."

The ban on mining in Goa sends the wrong signal to investors and has brought the entire industry to a standstill, Vedanta Resources chairman Anil Agarwal told CNBC TV 18 in an exclusive interview.

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Calling the ban "unfortunate," he said the government would have to clarify its stand on the auctions, given that companies have already set up the infrastructure in the state. Auctions are expected to take 1-2 years, he added.
The company, which has an iron ore plant in the coastal state, would not see any impact to the balance sheet, as the inventory was between 1.5-2 percent of the overall business, Agarwal said.
The mining industry in the state is facing uncertainty as the Supreme Court order on closure of iron ore mining in the state came into effect at midnight today.
The Apex Court had last month quashed the second renewal of leases given in 2015 to 88 companies with iron ore mining interests in Goa.
The uncertainty is exacerbated as Chief Minister Manohar Parrikar is currently in the United States undergoing medical treatment and has not appointed a Deputy Chief Minister.
 
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