（RTTNews） - Vedanta Resources PLC's （VED.L: News ） subsidiary, Sterlite Industries （India） Ltd. or "Sterlite" issued the following release on the BALCO arbitration decision.
The arbitration panel hearing the matter of the exercise by "Sterlite" of its call option to purchase the 49% equity stake in Bharat Aluminium Co. Ltd. from the Government of India delivered its decision on 25 January 2011.
The three-member panel ruled 2:1 that the call option was in violation of section 111A（2） of the Indian Companies Act, 1956. The company also said that it is considering its next course of action. Vedanta Resources also provided production report for the third quarter ended 31 December 2010. The company stated that mined metal production in the third quarter was 222,000 tonnes, 11% higher than the corresponding prior period. Lead production for the period was 14,000 tonnes as compared with 21,000 tonnes in the corresponding prior period, 33% lower due to a maintenance shutdown at the Ausmelt and Pyro Smelters.
Third quarter silver production was 1.35 million ounces. Iron ore production was 5.29 million tonnes and sales 5.38 million tonnes. Copper cathode production for the period at the Tuticorin smelter was 7% lower at 79,000 tonnes due to a temporary shutdown.
Aluminium production was 29% higher at 168,000 tonnes, which includes production of 103,000 tonnes from Jharsuguda-I and 65,000 tonnes from BALCO.
Sale of power fro the period was 7% higher at 1,126 million units, including 245 million units generated by the first 600 MW unit of the Sterlite Energy 2,400 MW power plant.
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