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.
Sesa Sterlite Ltd. may resume overseas sales of iron ore from India’s Goa state, 17 months after losing its standing as the nation’s biggest exporter of the steelmaking raw material following a court ban on shipments.
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.
European stocks closed little changed, trimming losses in the final minutes of trading, after data showed Chinese manufacturing shrank for a second month and Federal Reserve minutes signaled stimulus cuts will continue.