India-focused mining company Vedanta Resources Plc. posted revenues of $1,888.2 million (Rs7,439.51 crore) for the third quarter ended December—up 7% compared with the year-ago period.
Earnings before interest, taxes, depreciation and amortization (Ebitda) for the London-based Vedanta, whose principal operations are in India, where the firm has a major market share in aluminium, copper, zinc and lead, for the nine months crossed the $2 billion mark on the back of volume growth, operating efficiencies and the acquisition of Sesa Goa Ltd that was offset by the sharp appreciation of the Indian rupee and the London Metal Exchange prices of zinc and aluminium.
Vedanta has substantial copper operations in Zambia and a copper mine in Australia.
In the third quarter, copper cathode production at the Tuticorin custom smelter at 77,000 tonnes was lower than target because of plant maintenance.
The company’s quarterly output in zinc at 104,000 tonnes and lead at 14,500 tonnes was a record — up 12% and 21%, respectively. During the third quarter, the company produced 38,000 tonnes of copper cathode, compared with 35,000 tonnes in the year-ago period.
Aluminium production in the quarter at 90,000 tonnes was consistent with trends in the corresponding prior quarter and rated capacity.
The first stream of the Lanjigarh alumina refinery in Orissa produced 115,000 tonnes of calcined alumina during the quarter.
Work on the first phase of the 500,000 tonnes per annum (tpa) aluminium smelter and the associated power plant at Jharsuguda, Orissa, are on schedule.
A company statement said work on the 2,400MW Jharsuguda coal-based thermal power plant is on course and Vedanta, as part of its green energy initiative, has commissioned 68.8MW wind power plants that the company expects to take up to 124MW by March. Equipment deliveries are on course and plant construction has begun. Production is set for mid-2008—one year ahead of schedule.
Vedanta’s iron ore shipment for a nine-month period was 4 million tonnes (mt), compared with 3.1mt in the year-ago period, taking total shipment to 7.4mt in the year to date.