Vedanta’s Sesa Taps African Ore on Output Drop: Corporate India
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Reserves at Liberian mines owned by billionaire Anil Agarwal’s Sesa Goa Ltd. may be triple the original estimate, improving prospects for India’s biggest iron ore exporter struggling to boost output at home.
Mines at Western Cluster Ltd., 51 percent owned by Sesa, a unit of Vedanta Resources Plc, may have as much as 3 billion metric tons of the magnetite variety, up from an estimated 1 billion tons, Managing Director Prasun Kumar Mukherjee said in an interview. The company, India’s biggest iron-ore exporter, has 374 million tons of reserves at home. Output fell last quarter because of a mining ban in Karnataka state.