Reuters reported that Indian iron ore miner Sesa Goa Ltd. aims to start its iron ore production in Liberia early in 2014 in its efforts to offset the damage caused by mining bans in Goa and Karnataka.
As quoted in the market news:
India was once the world’s third-biggest exporter of iron ore, mainly to China. Sesa Goa, owned by Vedanta Resources, used to ship about 15 percent of those exports. However, mining bans in the western Indian state of Goa and the southern state of Karnataka have hit production, triggering a 28-percent drop in Sesa Goa’s net profit to 4.97 billion Indian rupees ($93 million) in the quarter ended December.
|Get our expert guide to base metals investing FREE! Download this FREE Special Report, Investing Opportunity: Using LME Prices and Base Metals News.|