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Saturday, October 8, 2011

Sesa Goa sales in July September quarter down by 15pct

Saturday, 08 Oct 2011

Vedanta Group firm Sesa Goa reported 14.84% YoY decline in sales of iron ore to 1.55 million tonnes during the quarter ended September 30, 2011.

The company had reported sales of 1.82 million tonnes during the corresponding quarter last fiscal.

However, it managed to achieve higher sales realisation from Karnataka during the quarter, at 0.71 million tonnes, vis-a-vis 0.45 million tonnes of iron ore sales in Q2 of FY'11.

During the quarter, Sesa Goa's sales from Goa went down by 9.78% to 0.83 million tonnes from 0.92 million tonnes last year.

In addition, the company's total production of iron ore went down by over 61% during the July-September quarter to 1.12 million tonnes, largely due to the apex court ban on mining in Karnataka.

It had reported total iron ore production of 2.88 million tonnes in Q2 last fiscal.

Sesa Goa said in a statement that sales were benefited by higher volumes in Karnataka prior to the imposition of a mining ban."

Currently, the company does not produce any iron ore from Karnataka, following a ban imposed by the apex court in August on mining in the state.

(Sourced from PTI)

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