Sesa expects Goa iron ore mining to resume by Jan/Feb
Sesa Sterlite Ltd said iron ore mining in Goa may resume by January to February, a later-than-expected start that will restrict the India’s exports of the steel-making raw material to the lowest level in decades.
Sesa is India’s top private iron ore mining company with most of its operations in Goa, the biggest iron ore exporting state where no mining has taken place since September 2012 due to action against illegal mining. “Based on recent public comments by the government of Goa, it’s now probably realistic to assume mining to start by January to February at the earliest,” Tom Albanese, chief executive of Vedanta Resources that controls Sesa, told Reuters in an email late on Tuesday. This indicates a four- to five-month delay versus initial expectations for a restart in September. Albanese added that India’s high export duty amid record low prices for iron ore was an “economic barrier to mining”. Sesa Sterlite stock price On October 08, 2014, at 12:56 hrs Sesa Sterlite was quoting at Rs 255.40, down Rs 3.55, or 1.37 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 169.55. The company’s trailing 12-month (TTM) EPS was at Rs 4.85 per share as per the quarter ended June 2014. The stock’s price-to-earnings (P/E) ratio was 52.66. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.25.