Leading mining conglomerate Vedanta today said its mines in Goa will be impacted following the Supreme Court judgement to cancel the second renewal of 88 iron ore mining leases in the state.
The apex court yesterday quashed the second renewal of 88 iron ore mining leases in Goa in 2015, saying the sole motive of the companies behind the commercial activity was profit maximisation and no social purpose was attached to it.
“The company’s mines in Goa will be impacted consequent to the judgement of Supreme Court,” the company said in a statement adding that Vedanta is assessing the financial and operational impact of the said judgement.
The apex court in its judgement directed to stop all mining operations in Goa with effect from March 16.
“The Supreme Court has directed that the mining lease holders who have been granted the second renewal are given time to manage their affairs and may continue their mining operations till March 15, 2018,” the company said.