Cairn India Ltd., operator of the nation’s biggest oil field on land, reported a 19 percent increase in fourth-quarter profit on higher production and predicted output would remain flat this financial year.
India’s top court today allowed iron ore miners to resume operations in Goa state after imposing a ban 18 months ago for environmental violations. Goa accounted for about half of the nation’s exports before the halt.
Sesa Sterlite Ltd. plans to cut an iron ore project in Liberia by 80 percent after approval delays halted infrastructure plans and a mining ban in India sapped cash flows, people familiar with the matter said.
Sesa Sterlite Ltd., India’s biggest iron-ore exporter until a ban halted its mines in Goa 18 months ago, plans to lay off 40 percent of its workforce in the state to cope with spiraling costs and negligible business.
Mining billionaire Anil Agarwal , who delivered 30 percent gains to shareholders in the past five years, plans to spend $9.6 billion to replicate the strategy of BHP Billiton Ltd. , a rival that’s posted smaller returns.