Vedanta declared as ‘preferred winner’ for Bicholim mineral block in Goa

The Bicholim Mineral Block has resources of 84.92 million ton, according to regulatory filing by the company.

“The Company has been declared as ‘Preferred Bidder’ in respect of e‐ auction of Block I ‐ Bicholim Mineral Block based on highest Final Price Offer of 63.55%submitted by the Company. As per the tender document, Block I ‐ Bicholim Mineral Block has Resources of 84.92 million ton,” said Vedanta in its corporate filing.

“The grant of Mining Lease by the Government of Goa in respect of aforesaid mine shall be subject to making of necessary payments, completion of other terms and conditions of the Tender Document, obtaining of necessary approvals/ permissions / clearances from various Government Departments / Agencies and execution of necessary agreements/deeds in the matter,” it added.

Vedanta is a globally diversified natural resources company with interests in zinc, lead, silver, iron ore, steel, copper, aluminium, power, oil and gas.

Recently, Anil Agarwal-led mining giant Vedanta said the company is considering raising up to ₹500 crore via debentures on a private placement basis.

Vedanta reported a net profit of ₹2,690 Cr in quarter ended September 2022 compared to ₹5,812 Cr recorded in corresponding quarter last fiscal. It representing a YoY fall of 53.71%.

The company reported net sales of ₹36,237 Cr in Q2FY23 compared to ₹30,048 Cr reported in Q2FY22 and ₹38,251 Cr recorded in Q1FY23, representing a YoY growth of 20.59% and QoQ fall of 5.26%.

On Friday, shares of Vedanta Ltd closed 5.38% lower at ₹285.75 apiece on the BSE