Vedanta Q3 earnings jumps 35%; zinc output up

Vedanta Q3 earnings jumps 35%; zinc output up

London: Indian-focused mining group Vedanta Plc posted a 35% jump in third quarter core earnings on Thursday, driven by strong metals prices and higher output after buying zinc operations from Anglo American.

The London-listed firm said in a trading update that earnings before interest, tax, depreciation and amortisation (EBITDA) increased to a record $895.4 million in the three months to end-December from $662.5 million a year ago.

Sales rose 44% to $3.077 billion.

Third-quarter output of refined zinc, Vedanta’s most profitable product, rose 20% to 178,000 tonnes, helped by the acquisition of Anglo’s Skorpion mine in Namibia.

Production of iron ore dipped 2% to 5.3 million tonnes and sales were hit by a monsoon and transport problems.

In November, Vendata posted an 81% jump in first half earnings per share and said it was working on possible listings of its energy and Zambian copper units