Mining ban still hurting Vedanta production
Mining giant Vedanta Resources continues to see reduced iron ore sales as a result of the mining ban in the Karnatka state of south-western India.
Mining giant Vedanta Resources continues to see reduced iron ore sales as a result of the mining ban in the Karnatka state of south-western India.
Sales of iron ore in the three months to the end of March were 5.2m tonnes, compared with the 6.6m sold in the same period of 2011.
For the full year, sales were 16m tonnes as compared with 18.1m during full year 2010-11. Production over the last 12 months has fallen 27% compared to the prior year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Vedanta is challenging the mining ban in India's Supreme Court, but also admits transport bottlenecks in the state of Goa are contributing to the reduced sales figures
The company saw zinc-lead metal production come in 7% higher during January to March compared to October to December but the full year numbers were 1% lower than 2010-2011 at 830,000 tonnes.
Silver production was a record 2.84m ounces in the fourth quarter, 77% higher than the same period of the previous year as a result of ramp-ups and a new lead smelter and silver refinery. Silver production for the full year increased 35% to 7.78m ounces.
In December last year Vedanta bought a stake in oil and gas producer Cairn India for $8.5bn. Today's production update shows total daily production has increased 16% to 180,293 barrels of oil equivalent per day (boepd). Of that total, Vedanta's working interest is around 59%, giving a total for the three months since ownership of 9.76m boepd.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
How taking a two-year career break could leave a £26k hole in your pension
Career breaks are increasingly common but it is important to take steps to protect your pension, as gaps compound over time
-
Cash in on your attic: Thousands could be sitting dormant in your storage
Selling your valuables at auction could be far more lucrative than you think. We take a look at how auctions work, and some tips to help you maximise your profits