Our mining and smelting operations are located in India, Zambia and Australia and our holding and investment companies are located in jurisdictions including the United Kingdom, Mauritius and Cyprus. The political, legal, fiscal and other regulatory regimes in these countries may result in higher operating cost or restrictions such as the imposition or increase in royalties, mining rights, taxation rates, legislation pertaining to repatriation of money and so on. Changes to government policies such as changes in royalty rates, reduction in import tariffs in India, reduction in assistance given by the Government of India for exports and reduction or curtailment of income tax benefits available to some of our operations in India and Zambia are some of the examples of risks under this category.

Majority of our Group revenues and profits are derived from commodities sold to customers in India. Any downturn in the overall health of the Indian economy, any political instability and/ or regional may impact revenue margins arising out of import tariffs prevailing in India.

We may also be affected by the omissions and commissions of political acts of governments in these countries over which we have no control.