Vedanta Resources unveils rise in production

Mining giant Vedanta Resources on Wednesday reported an increase in production across oil and gas, copper, aluminium, lead and silver.

Mining giant Vedanta Resources on Wednesday reported an increase in production across oil and gas, copper, aluminium, lead and silver.

Oil and gas production for the year to March 31st 2013 rose 19% year-on-year to 205,323 barrels of oil equivalent per day (boepd), driven by strong performance in Rajasthan, India.

Rajasthan grew 32% to 169,390 boepd as made new discoveries and received regulatory approvals from India's government for further exploration.

Mined metal production was up 5.0% to 870,000 tonnes, boosted by a record 260,000 tonnes in the fourth quarter.

Silver climbed 69% to 13.1m tonnes while lead increased 26% to 125,000 tonnes.

However, zinc output fell 11% to 677,000 tonnes.

Iron ore operations continued to be affected by suspension of mining in Goa and Karnataka after a mining scam was uncovered. The government was investigating into claims of "serious illegalities and irregularities" in the state's mining operations.

The Supreme Court is expected to set dates for initial hearing. The company said it has filed an application to the court seeking a stay on the suspension of mining and restrictions on ore transportation.

In Karnataka the Supreme Court banned mining operations after the Central Empowered Committee said it was hurting the environment.

Production of saleable ore plummeted 73% to 7.3m dry metric tonnes.

Copper, on the other hand, rose 15% to 26,000 tonnes, in Australia and India. In Zambia it increased 12% to 159,000 tonnes.

Aluminium improved 15% to 774 tonnes as the Jharsuguda-I and Korba-II smelters operated above their rated capacities in India.

RD

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Lab-grown meat: how “moo’s law” will drive innovation
Soft commodities

Lab-grown meat: how “moo’s law” will drive innovation

Jim Mellon and Anthony Chow, co-founders of Aim-listed Agronomics, explain why they believe that “cellular agriculture” will benefit from massive long…
16 Apr 2021