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Vedanta Resources flags up to US$600M impairment on Goa unit shutdown

Vedanta Resources Plc said March 29 that it expects to book a noncash impairment of between US$500 million and US$600 million stemming from the closure of the group's iron ore unit in India's Goa state.

In early February, the Supreme Court of India ordered the suspension of all mining operations in Goa, effective March 16.

The charge is mainly related to mining reserves and would be reflected in the company's fiscal 2018 results. Vedanta, however, noted that the closure of its iron ore business in the state would not have any material impact on the company's profitability.

The company produced 800,000 dry tonnes of salable iron ore from its Goa operations in the third quarter of fiscal 2018 and is the state's top iron ore miner.