Our iron ore business is owned and operated by Sesa Goa, India’s largest producer-exporter of iron ore in the private sector by volume in fiscal 2007, according to the Federation of Indian Mineral Industries. In April 2007, we acquired a 51% ownership in Sesa Goa, which owns 88.3% of the share capital of SIL. Sesa Goa is engaged in the exploration, mining and processing of iron ore. Sesa Goa owns or has the rights to proved and probable reserves which consist of an estimated 352.7 million tonnes of iron ore.
In fiscal 2010, Sesa Goa produced approximately 21.4 million tonnes of iron ore fines and lumps. Sesa Goa’s mining operations are carried out in the Indian States of Goa, Karnataka and Orissa. In addition, Sesa Goa manufactures pig iron and metallurgical coke. During FY2010, revenue from our iron ore business was $1,221.7 million.
