Lun 10 Oct 2011 11:02
Vedanta Q2 copper and zinc output rises but aluminium falls
Sunday 09 Oct, 2011Vedanta Resources Plc fiscal Q2 output at its Tuticorin smelter rose 28% while aluminum production fell 8%.
Vedanta said that Tuticorin’s copper cathode output jumped to 87,000 metric tons in the quarter ended September 30th 2011 from 68,000 a year earlier. Mined zinc metal production rose 2 percent to 210,000 tonnes while aluminum output fell 8% to 149,000 tonnes.
London based Vedanta is in the final stage of completing its purchase of a majority stake in Cairn India Limited which will give it access to India’s biggest onshore oil deposit. Cairn India shareholders and Oil & Natural Gas Corporation its partner in the oil fields approved Vedanta’s acquisition.
Liberum Capital Limited said that with deal closure, envisaged by the end of the month, Vedanta will reach a key landmark in delivering transformational earnings to drive rapid deleveraging.
Iron ore production declined 61% to 1.12 million tonnes in the quarter after India’s Karnataka state imposed an export ban in a bid to curb price increases for local steelmakers. Vedanta’s sales of the steelmaking material decreased to 1.55 million tonnes from 1.82 million tonnes. Production of copper cathode in Zambia declined 10% 52,000 tonnes.
(Sourced from Bloomberg.net)