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DJ Vedanta CEO: $2.5B Orissa Bauxite Project To Bost Local Econ

Posted on: Tue, 24 Nov 2009 09:29:00 EST

Symbols: VDNRF

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LONDON, Nov 24, 2009 (Dow Jones Commodities News via Comtex) --
VDNRF | Quote | Chart | News | PowerRating -- Vedanta Resources PLC (VED.LN) Chief Executive MS Mehta Tuesday said a bauxite project in India's Orissa state will "substantially improve the socio-economic condition of the people living in this region."

The comments in an emailed statement followed a report in India's Business Standard that the miner expects the Indian government to give speedy approval for a bauxite mining project at Niyamgiri hills in Orissa after the state government said it wouldn't displace local tribes.

The report cited comments from Orissa Steel and Mines Minister Raghunath Mohanty saying "not a single family of Dangaria Kandha tribe lived at the proposed mining area of Lanjigarh."

Mehta said he welcomed the minister's comments and that the project would invest $2.5 billion in the region.

The company is awaiting an Indian government permit before commencing mining operations in Orissa. The bauxite from the mine will feed the company's new alumina refinery at Lanjigarh.

Vedanta's proposed mine site is sacred to the Kondh people, hundreds of whom have been engaged in months of protests and blockades against the mine, according to Survival International, an international organization which support tribal groups.

Company Web site: www.vedantaresources.com

-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347; jeffrey.sparshott@dowjones.com

(END) Dow Jones Newswires

11-24-09 0929ET

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