Mining magnate Anil Agarwal called for iron ore mining in India's Goa state to restart amid concerns over increased imports of natural resources leading to the Indian rupee declining, The Hindu reported Sept. 11.
Earlier in 2018, India's Supreme Court canceled all iron ore mining permits in Goa, and mining activity stopped March 16.
The Vedanta Resources PLC executive chairman took to Twitter to air his concern over the ban of iron ore exports from the state.
"Natural Resources imports have skyrocketed. Aluminium imports are up by 20%, enormous amounts of Oil, Copper, Sulfuric Acid and Fertilizers are being imported & Iron Ore exports worth billions from Goa have stopped. These domestic factors are contributing to slide of Rupee," Agarwal tweeted.
Agarwal continued, "Need of the hour is to urgently restart Goa mining. A positive resolution on Sterlite Copper will hugely benefit the domestic market & ancillary industries. This will help arrest sliding rupee, contain interest rates, save hard earned Forex and create jobs."
The miner's Vedanta Ltd. unit recently flagged an US$8 billion investment over the next three years, with US$3 billion to US$4 billion in its zinc, lead, silver and aluminum businesses in the next two to three years and the remainder in its oil business.
An independent judicial committee will decide the fate of Vedanta's Tuticorin copper smelter in India's Tamil Nadu state, according to an earlier report.
The state government ordered the smelter to be closed in May after several people died during violent protests.