India Says No To Vedanta’s Request for Bauxite Mine

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Looks as though Vedanta Resources will not be mining in the Niyamgiri hills… “The environment ministry has rejected London-listed Vedanta Resources Ltd’s request to mine bauxite in the Niyamgiri hills of Odisha state after local residents opposed mining in the area they consider sacred, an official said on Saturday,” reports Reuters.

“Vedanta Aluminium’s 1 million tonne-a-year alumina refinery in the eastern state has been struggling to source key raw material bauxite since its commissioning in August 2007. The company has been forced to import bauxite as a result.”

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“‘Vedanta forest clearance has been rejected. There will be no mining in Niyamgiri hills,’ Saswat Mishra, Chairman of the Orissa Mining Corporation told Reuters. An official of Vedanta declined to comment.”

In metal price news for aluminum…

On Friday, January 10, the day’s biggest mover was the aluminum 3-month price, which saw a 1.4 percent decline on the LME to $1,757 per metric ton. The primary aluminum cash price changed direction with a 1.4 percent drop. After two days of improving prices, the metal finished at $1,713 per metric ton on the LME. The Indian aluminum cash price weakened by 0.2 percent.

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Chinese aluminum closed mixed last Friday. The Chinese aluminum cash price reached a 30-day low after decreasing 0.3 percent. The price of Chinese aluminum scrap remained steady. The price of Chinese aluminum billet remained essentially flat. The price of Chinese aluminum bar continues to hover for the fifth day in a row.