Tue Nov 15, 2011
* Vedanta held talks with banks, to appoint advisors-sources
* Yet to begin formal talks with New Hope-sources
* Australian coal miner has put itself up for auction
MUMBAI/SYDNEY, Nov 15 (Reuters) - India-focused British miner Vedanta Resources is considering a bid for New Hope Corp, the $5 billion Australian coal miner that has put itself up for auction, two sources with direct knowledge of the matter said.
Vedanta, controlled by Indian billionaire Anil Agarwal, has held discussions with banks and is expected to appoint advisors "soon", said the sources, who declined to be named as they were not authorised to speak to the media.
"We are yet to begin formal talks," one source told Reuters.
Spokesmen for Vedanta and New Hope were not immediately available for comment.
New Hope is among the last few major coal companies left in resource-rich Australia after a flurry of recent takeovers consolidated the industry.
Among those interested in the Queensland-based thermal coal producer are Indian conglomerates Tata Group, Aditya Birla Group and JSW Steel, China's Yanzhou Coal Mining Co Ltd and London-listed Xstrata.
Energy-starved Indian companies are scouting for overseas coal assets to run thermal power plants to feed their operations or for utilities.
In September, GVK Power & Infrastructure acquired a majority stake in Australian coal mines and a port and rail project owned by heiress Gina Rinehart's Hancock Group for $1.26 billion.
A month earlier GMR Infrastructure, with interests in airports, energy and highways, had signed a pact to acquire a 30 percent stake in Indonesia's Golden Energy Mines.
Vedanta is in the final stages of completing its long-awaited $6 billion deal to take control of oil explorer Cairn India, after securing approval from the Indian government and shareholders.
The deal has inflated the group's net debt, which stood at $7.2 billion during the first half of this fiscal year.
Last week, Vedanta said its underlying attributable profit for the first half dropped more than 34 percent to $186.3 million on the back of losses in its aluminium business and a weakening Indian rupee.
Coal prices have been stable at more than $100 a tonne for most of the past year, aside from brief spikes after the Queensland floods and Japanese tsunami.
(sourced Reuters)
Showing posts with label Vedanta group. Show all posts
Showing posts with label Vedanta group. Show all posts
Tuesday, November 15, 2011
Sunday, October 16, 2011
Sesa Goa denies excess iron ore production in Goa
Sunday, 16 Oct 2011
DHNS reported that Sesa Goa, one of the many leading iron ore exporters being investigated by the Shah Commission for irregular mining in Goa, denied it had violated regulations or made underhand political donations.
The Vedanta-owned company, which is India’s largest producer and exporter of iron ore in the private sector, said recent media reports against the company for excess production were false, motivated and baseless. The leading iron ore producer said it had permission to extract 4 million tonnes of iron ore from three sites at Codli, Dharbandora for the year 2006-07.
From the year 2007-08 permission was enhanced to 7 million tonnes for the same pits, the company said. “
It said “Production each year from the same sites has been within the permitted quantities.”
It added that like many other corporate houses in India, Sesa has indeed made donations to political parties but strictly in accordance with due process prescribed under law.
It denied impropriety or lack of transparency in the in its political donations and said it was unfortunate that certain activists and sections of media are ascribing motives to such political donations.
(Sourced from DHNS)
DHNS reported that Sesa Goa, one of the many leading iron ore exporters being investigated by the Shah Commission for irregular mining in Goa, denied it had violated regulations or made underhand political donations.
The Vedanta-owned company, which is India’s largest producer and exporter of iron ore in the private sector, said recent media reports against the company for excess production were false, motivated and baseless. The leading iron ore producer said it had permission to extract 4 million tonnes of iron ore from three sites at Codli, Dharbandora for the year 2006-07.
From the year 2007-08 permission was enhanced to 7 million tonnes for the same pits, the company said. “
It said “Production each year from the same sites has been within the permitted quantities.”
It added that like many other corporate houses in India, Sesa has indeed made donations to political parties but strictly in accordance with due process prescribed under law.
It denied impropriety or lack of transparency in the in its political donations and said it was unfortunate that certain activists and sections of media are ascribing motives to such political donations.
(Sourced from DHNS)
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)
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)
Friday, October 7, 2011
India’s Vedanta sees decreased iron ore output in H1 FY 2011-12
Friday, 07 October 2011
Indian miner Vedanta Resources has announced its production and sales results for the first half and second quarter (ended September 30) of the financial year 2011-12. Iron ore production in the second quarter of the year decreased due to the mining ban in the southern Indian state of Karnataka.
Vedanta produced 5.51 million mt of iron ore in the first six months of the financial year, down 36 percent compared to the same period of the previous year. In the second quarter of the financial year, iron ore production decreased 61 percent year on year to 1.12 million mt, due to the production halt at its Orissa operations in November 2010 and the planned reduction in inventories.
Vedanta also stated that in August this year it completed the acquisition of a 51 percent stake in three iron ore assets in Liberia, West Africa, with 1 billion mt of reserves, for a consideration of US$90 million.
Tags: India , Indian Subcon , steelmaking , European Union , South Asia
(sourced steelorbis)
Indian miner Vedanta Resources has announced its production and sales results for the first half and second quarter (ended September 30) of the financial year 2011-12. Iron ore production in the second quarter of the year decreased due to the mining ban in the southern Indian state of Karnataka.
Vedanta produced 5.51 million mt of iron ore in the first six months of the financial year, down 36 percent compared to the same period of the previous year. In the second quarter of the financial year, iron ore production decreased 61 percent year on year to 1.12 million mt, due to the production halt at its Orissa operations in November 2010 and the planned reduction in inventories.
Vedanta also stated that in August this year it completed the acquisition of a 51 percent stake in three iron ore assets in Liberia, West Africa, with 1 billion mt of reserves, for a consideration of US$90 million.
Tags: India , Indian Subcon , steelmaking , European Union , South Asia
(sourced steelorbis)
Sunday, August 28, 2011
India's Sesa Goa says mining ban to hit performance
MUMBAI (Reuters) - India's Sesa Goa Ltd , owned by London-listed Vedanta Plc , said on Saturday its performance would be affected by an order from the country's top court extending a ban on mining to two more districts of a key iron ore producing state.
The Supreme Court on Friday extended the ban to Tumkur and Chitradurga districts of the southern Indian state Karnataka, Anita Shenoy, counsel for the Karnataka state government, told Reuters.
The two districts account for about seven percent of India's estimated 213 million tonnes of annual iron ore output, and the ban could hit exports from the world's third-largest supplier of the steel-making material.
Sesa Goa said in a statement the mining activities at the company's Chitradurga mine would have to be stopped with immediate effect as a result of the court order and that would "adversely affect" the performance of the company.
(sourced Reuters)
Saturday, August 13, 2011
Sesa Goa and Elenilto to jointly invest in Western Cluster Ltd
Saturday, 13 Aug 2011 | By Bloomberg
Bloomberg reported that Sesa Goa Limited and Elenilto Minerals & Mining LLC will jointly invest more than USD 2.6 billion in Liberia's Western Cluster Limited as rising demand for the steelmaking ingredient boosts prices.
Elenilto's share of investment in the iron ore company will be USD 77 million. The Liberian government will receive USD 41 million from the partnership after ratifying the Mineral Development Agreement.
Liberia, the West African nation rebuilding its economy after civil wars between 1989 and 2003, is expanding its iron ore industry after an increase in Asian demand pushed prices up 43% in 2010. OAO Severstal is developing the Putu ore project in the country, while Sable Mining Africa Limited said in June it acquired a stake in the Kpo Range exploration permit.
Sesa Goa, a unit of London listed Vedanta Resources Plc, said on August 7th 2011 that it would buy 51% of Western Cluster for USD 90 million. Western Cluster plans to develop a project that includes iron ore deposits and transport infrastructure to export the material.
According to The Steel Index, iron ore with 62% iron content arriving at China's Tianjin Port is trading at USD 177.80 a tonne. Prices have gained 4.5% in 2011.
Bloomberg reported that Sesa Goa Limited and Elenilto Minerals & Mining LLC will jointly invest more than USD 2.6 billion in Liberia's Western Cluster Limited as rising demand for the steelmaking ingredient boosts prices.
Elenilto's share of investment in the iron ore company will be USD 77 million. The Liberian government will receive USD 41 million from the partnership after ratifying the Mineral Development Agreement.
Liberia, the West African nation rebuilding its economy after civil wars between 1989 and 2003, is expanding its iron ore industry after an increase in Asian demand pushed prices up 43% in 2010. OAO Severstal is developing the Putu ore project in the country, while Sable Mining Africa Limited said in June it acquired a stake in the Kpo Range exploration permit.
Sesa Goa, a unit of London listed Vedanta Resources Plc, said on August 7th 2011 that it would buy 51% of Western Cluster for USD 90 million. Western Cluster plans to develop a project that includes iron ore deposits and transport infrastructure to export the material.
According to The Steel Index, iron ore with 62% iron content arriving at China's Tianjin Port is trading at USD 177.80 a tonne. Prices have gained 4.5% in 2011.
Monday, August 8, 2011
Vedanta Enters Scramble for African Ore
Monday, August8, 2011
By Alex Macdonald, WSJ
By Alex Macdonald, WSJ
LONDON—U.K.-listed, India-focused Vedanta Resources PLC has become the latest miner to enter the fray over a fast-emerging iron-ore hub in West Africa by purchasing a majority stake in Western Cluster Ltd., a Liberian iron-ore exploration company.
Vedanta, through its Sesa Goa Ltd. iron-ore unit, has agreed to purchase a 51% stake in Western Cluster Ltd. from Elenilto Minerals & Mining LLC for $90 million in cash. WCL won the bid for an iron-ore project in Liberia that has long-life potential, with iron-ore resources exceeding one billion metric tons and saleable product of 330 million tons.
With this purchase, Vedanta, a FTSE-100 company, is joining an iron-ore investment bonanza that is taking place in West Africa. Mining companies and steel producers from around the world are flocking to the region to develop large deposits of the steelmaking raw ingredient to export it to fast-growing emerging economies such as China, where demand for the product remains high due to the fast-paced process of urbanization and industrialization.
ArcelorMittal, the world's largest steel producer and a large iron-ore producer, has already started mining iron ore from its project in Liberia this year and plans to ship its first commercial iron ore in the third quarter of this year.
Brazil's Vale SA and Anglo-Australian giant Rio Tinto PLC, the world's largest and second-largest iron-ore producers respectively, are also present in neighboring Guinea, where they're investing billions of dollars in mining projects and infrastructure to transport high-quality iron ore to the coast for export.
"We are highly delighted with this opportunity to consolidate our iron ore business," said P.K. Mukherjee, Sesa Goa's managing director. "The Western Cluster project presents an excellent opportunity for developing a large integrated mining operation and establish our presence in Liberia and Africa."
Sesa Goa said the project is in close proximity to existing port infrastructure and access to land for a railway corridor. The company said the investment will establish a strong presence in the upcoming ironore hub catering to seaborne iron ore trade.
Vedanta is already present in Africa through copper and zinc investments in Zambia, Namibia and South Africa.
Vedanta, through its Sesa Goa Ltd. iron-ore unit, has agreed to purchase a 51% stake in Western Cluster Ltd. from Elenilto Minerals & Mining LLC for $90 million in cash. WCL won the bid for an iron-ore project in Liberia that has long-life potential, with iron-ore resources exceeding one billion metric tons and saleable product of 330 million tons.
With this purchase, Vedanta, a FTSE-100 company, is joining an iron-ore investment bonanza that is taking place in West Africa. Mining companies and steel producers from around the world are flocking to the region to develop large deposits of the steelmaking raw ingredient to export it to fast-growing emerging economies such as China, where demand for the product remains high due to the fast-paced process of urbanization and industrialization.
ArcelorMittal, the world's largest steel producer and a large iron-ore producer, has already started mining iron ore from its project in Liberia this year and plans to ship its first commercial iron ore in the third quarter of this year.
Brazil's Vale SA and Anglo-Australian giant Rio Tinto PLC, the world's largest and second-largest iron-ore producers respectively, are also present in neighboring Guinea, where they're investing billions of dollars in mining projects and infrastructure to transport high-quality iron ore to the coast for export.
"We are highly delighted with this opportunity to consolidate our iron ore business," said P.K. Mukherjee, Sesa Goa's managing director. "The Western Cluster project presents an excellent opportunity for developing a large integrated mining operation and establish our presence in Liberia and Africa."
Sesa Goa said the project is in close proximity to existing port infrastructure and access to land for a railway corridor. The company said the investment will establish a strong presence in the upcoming ironore hub catering to seaborne iron ore trade.
Vedanta is already present in Africa through copper and zinc investments in Zambia, Namibia and South Africa.
Sunday, August 7, 2011
Sesa Goa to buy 51% in Liberian iron ore firm for $90m
August6, 2011 | Source PTI
Sesa Goa , a subsidiary of Vedanta Resources, today said it will buy 51% stake in an iron ore making firm in Liberia for USD 90 million in an all-cash deal.
"Sesa Goa has agreed to acquire 51% stake in Western Cluster Ltd, Liberia for a cash consideration of USD 90 million," the Goa-based iron ore miner said in a filing to the Bombay Stock Exchange (BSE).
The acquisition, which is subject to ratification by the Liberia Legislature, is expected to help the Anil Agarwal-led Vedanta Resources' subsidiary to become a significant player in the West African iron ore hub.
Located in Western part of Liberia and spread over 270 sq km area, the company has assets having long mine-life with an estimated reserve of over 1.05 billion tonne iron ore. The deposits are located close to the coast along Monrovia to Mano River.
"We are highly delighted with this opportunity to consolidate our iron ore business. The Western Cluster Project presents an excellent opportunity for developing a large integrated mining operation and establish our presence in Liberia and Africa," Sesa Goa managing director PK Mukherjee said.
Western Cluster has concessions to mine the Mano River Iron Ore Deposits, the Western portion of the Bomi Hills Iron Ore Deposits and the Bea Mountain Iron Ore Deposits.
Western Cluster is owned by Elenilto Minerals and Mining LLC, which operates large-scale iron ore, gold, copper and other minerals exploration and mining activities in Africa and Europe. Elenilto has more than 100 exploration and mining licences with over 10,000 sq km area in Africa and Europe.
Sesa Goa , a subsidiary of Vedanta Resources, today said it will buy 51% stake in an iron ore making firm in Liberia for USD 90 million in an all-cash deal.
"Sesa Goa has agreed to acquire 51% stake in Western Cluster Ltd, Liberia for a cash consideration of USD 90 million," the Goa-based iron ore miner said in a filing to the Bombay Stock Exchange (BSE).
The acquisition, which is subject to ratification by the Liberia Legislature, is expected to help the Anil Agarwal-led Vedanta Resources' subsidiary to become a significant player in the West African iron ore hub.
Located in Western part of Liberia and spread over 270 sq km area, the company has assets having long mine-life with an estimated reserve of over 1.05 billion tonne iron ore. The deposits are located close to the coast along Monrovia to Mano River.
"We are highly delighted with this opportunity to consolidate our iron ore business. The Western Cluster Project presents an excellent opportunity for developing a large integrated mining operation and establish our presence in Liberia and Africa," Sesa Goa managing director PK Mukherjee said.
Western Cluster has concessions to mine the Mano River Iron Ore Deposits, the Western portion of the Bomi Hills Iron Ore Deposits and the Bea Mountain Iron Ore Deposits.
Western Cluster is owned by Elenilto Minerals and Mining LLC, which operates large-scale iron ore, gold, copper and other minerals exploration and mining activities in Africa and Europe. Elenilto has more than 100 exploration and mining licences with over 10,000 sq km area in Africa and Europe.
Tuesday, March 8, 2011
India's Vedanta to acquire coal mines in overseas
Tuesday, 08 March 11
India's Vedanta group is also looking at long-term off take agreements and possible acquire of coal mines overseas, the official said during 10th Anniversary Coaltrans India conference in The Taj Palace Hotel, New Delhi, India.
Vedanta is planning to import one million tons of coal to blend with Indian coal to feed its 2,400-MW power plant in Orissa, India. The IPP will supply power to Vedanta's aluminium plant.
Coaltrans conference in India was attended by hundreds of coal suppliers, coal consumers, coal traders and logistic services companies. The conference will continue tomorrow.
Tags: coal traders, logistic services companies
Thursday, January 27, 2011
Sesa Goa secures stay order against Bellary sell off
Thursday, 27 Jan 2011
Press Trust of India reported that Vedanta Group firm Sesa Goa has secured a stay order from the Delhi High Court against the decision taken by Industrial Financial Corporation of India on Bellary Steel sell off in which JSW Steel was declared the highest bidder.
According to the Delhi High Court website, next hearing has been scheduled on February 22 on the matter.
Mr PK Mukherjee MD of Sesa Goa told PTI “Our dispute is against the process followed by IFCI in the bidding. We have already taken up the matter with the Delhi High Court, which stayed the sale (order) last week.”
He told “Our dispute is with the process. We were the only qualified bidder initially and declared successful bidder verbally. Our people were told to come after lunch to collect the allotment letter. When we came back after lunch, we were told that there is another bidder and that bid is only marginally higher than our price.”
He added that “The stay order came after we filed a petition and next hearing will be in mid February.”
Mr Mukherjee while clarifying that Sesa Goa does not have any issues against JSW Steel said “We have no problems with JSW at all... Our dispute is with the process, which IFCI followed.”
Last month, a consortium of lenders led by IFCI had declared JSW Steel as the highest bidder for acquiring the assets of Bellary Steel and Alloys, where Sesa Goa was the only other qualified contender. While Sesa Goa's bid was at INR 206 crore, slightly more than the reserve price of INR 205.63 crore, JSW quoted INR 210 crore.
(Sourced from PTI)
Press Trust of India reported that Vedanta Group firm Sesa Goa has secured a stay order from the Delhi High Court against the decision taken by Industrial Financial Corporation of India on Bellary Steel sell off in which JSW Steel was declared the highest bidder.
According to the Delhi High Court website, next hearing has been scheduled on February 22 on the matter.
Mr PK Mukherjee MD of Sesa Goa told PTI “Our dispute is against the process followed by IFCI in the bidding. We have already taken up the matter with the Delhi High Court, which stayed the sale (order) last week.”
He told “Our dispute is with the process. We were the only qualified bidder initially and declared successful bidder verbally. Our people were told to come after lunch to collect the allotment letter. When we came back after lunch, we were told that there is another bidder and that bid is only marginally higher than our price.”
He added that “The stay order came after we filed a petition and next hearing will be in mid February.”
Mr Mukherjee while clarifying that Sesa Goa does not have any issues against JSW Steel said “We have no problems with JSW at all... Our dispute is with the process, which IFCI followed.”
Last month, a consortium of lenders led by IFCI had declared JSW Steel as the highest bidder for acquiring the assets of Bellary Steel and Alloys, where Sesa Goa was the only other qualified contender. While Sesa Goa's bid was at INR 206 crore, slightly more than the reserve price of INR 205.63 crore, JSW quoted INR 210 crore.
(Sourced from PTI)
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