Bloomberg reported that Vedanta Resources Plc, controlled by billionaire Mr Anil Agarwal may soon restart a mothballed alumina refinery after a change in mining rules helps resume supply of raw materials to the plant.
Vedanta Aluminium Limited had to shut its factory in December at Lanjigarh in the eastern state of Odisha after permits held by bauxite miners in the neighboring states of Jharkhand and Chhattisgarh expired.
The environment ministry said March 13 that they don’t need fresh approvals to renew those licenses, clarifying an earlier court order and paving the way for replenishments of the ore.
Mr Sushil Kumar Roongta MD of Vedanta Aluminium said that “The move has provided an opportunity to us. We’re working to see how soon we can get raw material commitment needed to restart the factory.”
Mr Giriraj Daga an analyst with Nirmal Bang Equities Private in Mumbai said hat ‘‘Any move to reopen the alumina refinery will be a big positive for the company as it would help save as much as USD 120 per tonne to USD 150 per tonne on expensive alumina imports. ‘The key to starting the factory will be bauxite supplies.’’
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