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Vedanta Ltd secures two critical mineral blocks in Karnataka and Bihar, advancing exploration of nickel, chromium, and PGE. The blocks are at the G3 and G4 exploration stages, positioning Vedanta as a preferred bidder.
Vedanta share price is likely to remain in focus after the company announced a significant achievement in securing two critical mineral blocks, located in Karnataka and Bihar. This development was confirmed in a filing to the Bombay Stock Exchange (BSE) on Sunday.
Recently, Vedanta had announced its plan to raise ₹6,688 crore through QIP for capex expansion and debt reduction.
Vedanta Ltd has been declared the preferred bidder for two mineral blocks:
Gollarahatti-Mallenahalli Nickel Chromium and PGE Block in Karnataka - This block is currently at the G4 level of exploration.
Genjana Nickel, Chromium, and PGE Block in Bihar - This block is at the G3 level of exploration.
The Exploration of mineral deposits is a meticulous process, divided into four stages:
Reconnaissance Survey (G4): The initial stage involves broad-based geological mapping and sampling.
Preliminary Exploration (G3): A more focused investigation to delineate the mineralized zone.
General Exploration (G2): Intensive work to establish the size, shape, structure, and grade of the mineral deposit.
Detailed Exploration (G1): Final stage to precisely define the ore body and its economic viability.
The blocks were auctioned in different rounds. Gollarahatti-Mallenahalli Block was auctioned in the second round of critical mineral blocks auction. Genjana Block was part of the third round of auctions.
Strategic Importance
Winning these bids positions Vedanta as a key player in the exploration and potential production of essential minerals, including nickel, chromium, and PGE. These elements are crucial for various industries, including electronics, automotive, and aerospace, highlighting the strategic importance of Vedanta's latest acquisitions.
Vedanta share price closed at ₹441 on Friday, with a loss of 2.30%.
Vedanta’s successful bids for these mineral blocks underscore its commitment to expanding its mineral portfolio and enhancing its exploration capabilities. The focus on nickel, chromium, and PGE aligns with global trends toward securing critical minerals for technological advancements and industrial applications.
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