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.