MUMBAI, India, March 1, 2016 /PRNewswire/ -- The Baghmara Gold block in the State of Chhattisgarh (6.08 sq.km) was put on auction as composite license (Prospecting License cum Mining Lease). The Company (Vedanta Limited) participated in the forward auction on 26th February 2016 and after technically qualifying in an e-auction has been declared as the successful bidder for Gold Mines at royalty @12.55% of value of mineral dispatched. The winning bidder has to submit a performance bank guarantee of Rs 1.60 crores and invest in exploration.
The block requires extensive exploration and the process will commence in due course.
About Vedanta Limited (Formerly Sesa Sterlite Ltd.)
Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia, Ireland, Liberia and Sri Lanka.
Vedanta Limited, formerly Sesa Sterlite Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
For more information please log on to www.vedantalimited.com
(Formerly known as Sesa Sterlite Limited)
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
Sesa Ghor, 20 EDC Complex,
Patto, Panaji (Goa) - 403 001
This press release contains "forward-looking statements" – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
For further information, please contact:
President – Group Communications, Sustainability & CSR
Tel: +91 22 6646 1000
Director – Investor Relations
Manager – Investor Relations
Manager – Investor Relations
Tel: +91 22 6646 1531
SOURCE Vedanta Limited