Vedanta emerges as the victor in the bidding process for the Cudnem mineral block VII in Goa, India. The renowned mining company secured the block after offering the highest price of 93.15%.
The auction initially took place on April 26, but encountered technical issues that prevented a conclusive outcome. The Cudnem mineral block VII spans across 75.3 hectares and is estimated to contain approximately 8.3 million tons of hematite iron ore reserves.
Vedanta has stated that the grant of the mining lease is contingent upon fulfilling the necessary payments, obtaining approvals and permits, and adhering to the terms and conditions outlined in the tender documents.