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Vedanta Acquires Two Critical Mineral Blocks in Karnataka Bihar

Jul 23, 2024

By: BlinkX Research Team

On Sunday, July 21, Vedanta announced that it has secured and sold two important mineral blocks. According to a corporate exchange filing, the two blocks are located in Karnataka and Bihar.

Key Takeaways from Vedanta’s Acquisition

• Vedanta announced that it has secured and sold two important mineral blocks.
• The two blocks are located in Karnataka and Bihar.
• The Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in Karnataka, which is at the G4 level of exploration.
• The Genjana Nickel Chromium and PGE Block in Bihar, which is at the G3 level of exploration.
• Both the blocks are for sale through the ministry of mines.

The company has been declared as preferred bidder for the Gollarahatti-Mallenahalli Nickel Chromium and PGE Block and Genjana Nickel, Chromium and PGE Block,’ the filing said.

The Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in Karnataka, which is at the G4 level of exploration, and the Genjana Nickel Chromium and PGE Block in Bihar, which is at the G3 level of exploration, are both for sale through the ministry of mines. 

There are four phases involved in exploring for any mineral deposit: reconnaissance survey (G4), general exploration (G2), preliminary exploration (G3), and thorough exploration (G1). 

The third round of the key minerals block auction saw the sale of the other block, whereas the second round saw the sale of one block.

About Vedanta Limited

Incorporated in 1965, Vedanta Limited is a leading global natural resources and technology conglomerate with operations in India, South Africa, Liberia, and Namibia. We are a highly diverse natural resources corporation with holdings in oil and gas, zinc-lead-silver, aluminum, iron ore, steel, copper, ferroalloys, power, nickel, semiconductors, and glass.

Over the years, Vedanta has established itself as a premier natural resources and technology conglomerate throughout the years, concentrating on portfolio development on a vast scale in India while maintaining operational excellence that is measured against international standards.

The enterprise has helped the Indian economy flourish over the last 20 years by generating thousands of employment and contributing to the national coffers. In order to guide the natural resources sector in ESG, Vedanta has created a comprehensive framework. The business promises to become carbon neutral by no later than 2050. The organization has pledged to invest $5 billion over the next ten years in order to expedite the transition to net-zero operations.

To create long-term value for all of our stakeholders, Vedanta employs research, discovery, acquisition, sustainable development, and the utilization of a range of natural resources.
 

You can check Vedanta Ltd share price to make informed investment decision.