Sesa Goa to fi­nalise Capex for min­ing project

The Pak Banker - - Front Page -

NEW DELHI

Vedanta group firm Sesa Goa will fi­nalise the cap­i­tal ex­pen­di­ture plan for first phase of its Liberia iron ore min­ing project by Jan­uary, a top com­pany of­fi­cial said. The com­pany is aim­ing to pro­duce 10 mil­lion tonnes of iron ore per an­num in the first phase from Liberia's Western Clus­ters project, in which it had ac­quired 51 per­cent stake for about USD 90 mil­lion (about Rs 411 crore) last year. Re­serves (at Liberia) are much more than what we had an­tic­i­pated ear­lier. Hope­fully, by Jan­uary we will be fi­nal­is­ing the capex for the first phase (of min­ing), Sesa Goa's Manag­ing Di­rec­tor P K Mukher­jee said. He added that the com­pany has com­pleted over 31,000 me­tres of drilling at the project site and first ship­ment from the project will be de­liv­ered in 2013-13 as an­nounced ear­lier.

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