LONDON, July 31 India-focused miner Vedanta
posted a 27 percent rise in first-quarter core earnings,
as strong growth in power sales offset the impact of lower metal
prices and zinc volumes.
The London-listed firm said on Tuesday that earnings before
interest, tax, depreciation and amortisation (EBITDA) rose 27
percent year-on-year to $1.34 billion in the three months to the
end of June. Sales rose 9 percent to $3.7 billion.
First-quarter output of mined metal in the group's Zinc
India unit was 187,000 tonnes, in line with the year's mine
plan, compared with 188,000 tonnes in the year-earlier period.
First-quarter output of integrated silver rose 70 percent to
2.6 million ounces while integrated lead production was 79
percent higher at 29,000 tonnes, boosted by the ramp-up of the
SK mine, the company said.
Total production of zinc-lead metal-in-concentrate and zinc
metal was in line with the mine plan and earlier guidance at
It sold 2,329 million units of power in the first quarter,
significantly higher than the 1,415 million units it sold in the
same period a year earlier, it said.
Vedanta said production of iron ore fell to 3.4 million
tonnes from 4.4 million tonnes in the year-earlier quarter, hit
by a ban on mining in the southern Indian state of Karnataka and
logistics constraints in Goa.
Zambian copper cathode output rose 12 percent year-on-year
to 41,000 tonnes with the ramp-up of the Nchanga East
It said plans to consolidate and simplify the company's
structure were on track for completion in the last quarter of
2012after it received shareholder approval and the go-ahead
from the Foreign Investment Promotion board in the first