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

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