Mining giant Vedanta Resources has reported record production volumes of refined silver and lead for the third quarter and nine months ended December 31st.
Silver production in the third quarter was up 37% at 1.85 million ounces, while production for the nine month period was 19% higher at 4.94 million ounces.
Lead production in the third quarter was a record 29,000 tonnes, 107% higher than the 14,000 tonnes produced in the corresponding prior quarter, largely due to volumes from a new lead smelter. The new smelter contributed 11,000 tonnes during the quarter and is expected to reach about 90% of its rated capacity by the end of the current quarter. Lead production for the nine month period was 62,000 tonnes as compared with 46,000 tonnes during the corresponding prior period.
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
Energy sales in reached 1,766 million units in the third quarter, compared with 245 million units in the same period the previous year.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the Energy division was $22.7m, compared to $8m the corresponding prior quarter, largely as a result of power sales from the first two units of the 2,400 MW Jharsuguda power plant.
Iron Ore production suffered as a result of a ban on mining in Karnataka and discontinued operations in Orissa. However, sales of iron ore rose from 4.78 million tonnes to 5.04mt quarter-on-quarter, although they fell year-on-year for the nine month period, from 11.49mt to 10.83mt.
In Zambia the firm mined 24,000 tonnes of metal, and 76,000 tonnes during the nine month period.
In India, EBITDA in the third quarter were lower at $265.4m as compared with $332mn in the corresponding prior quarter mainly on account of lower London Metal Exchange (LME) prices, partially offset by higher contribution from silver.
The firm's total EBITDA was $848m for the quarter, including $131m from Cairn India, which the firm acquired at the end of 2011.
NR
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
