Vedanta Resources PLC
29 July 2004
29th July 2004
Vedanta Resources plc
Annual General Meeting
At the Annual General Meeting of Vedanta Resources plc today, the Chairman,
Michael Fowle, made the following statement:
We remain focused on the same strategy that was set out at the time of listing:
To optimise the performance of the existing assets, to finance the greenfield
growth, consolidate the group structure and leverage established skills.
Since listing we have made good progress in all areas - as seen at the annual
results and in our first annual report. The board will ensure that this strategy
remains at the centre of all our actions and that we are focused on generating
strong financial returns and creating a world class metals and mining group.
Vedanta is a company with exceptional opportunities. Over the next few months we
should be able to report on several of these. The Sterlite rights issue and the
option on Balco shares are currently in progress. Tuticorin smelter is awaiting
the final stage of approval at central government. We are at an advanced stage
of negotiation with regard to an investment in Konkola Copper Mines in Zambia
and we will make an announcement as soon as we are able. This time next year we
should be able to report on the commissioning of our zinc expansion. In the
meantime we continue to look across all our businesses for opportunities to
reduce costs and improve our returns.
As you will be aware, Brian Gilbertson stepped down as Chairman and left the
Board earlier this month. I would like to thank him for his contribution
throughout last year and wish him well for the future.
I have been privileged to take his place as Chairman and I am enjoying working
with the strong team at Vedanta on the delivery of our strategy. We intend to
add to the board, but we already have an excellent range of relevant experience
and skills, from Government in India and mining, to finance. As a group, we will
strongly represent the interest of shareholders and maintain the highest levels
of corporate governance.
It is only 3 days since we delivered our quarter one results and there is little
more to add on current trading. Just after the general election in India there
was some unease about the impact of the new Government. We have now seen the new
Government in action with their first budget and we are reassured that they
appear to be good custodians of Indian growth. As mentioned in our quarterly
results, the outlook for demand for metal in India remains positive, progress
continues to be made on all our expansion projects and we remain confident of
delivering good progress on last year.
For further information, please contact:
John Smelt, Head of Investor Relations Tel: +44 7879 642 675
Peter Sydney-Smith, Finance Director
Vedanta Resources plc Tel: +44 20 7629 6070
Finsbury Tel: +44 20 7251 3801
Notes to Editor
Vedanta is a diversified metals and mining group with zinc, copper and aluminium
operations in India and two copper mines in Australia.
Vedanta holds its interests in these operations through two Indian-listed
subsidiaries, Sterlite and the Madras Aluminium Company ('Malco').
Sterlite is Vedanta's principal subsidiary and is currently listed on the Bombay
Stock Exchange. Vedanta, through its wholly owned subsidiaries, currently owns
62.4 per cent. of the issued share capital of Sterlite. In addition, Malco owns
a further 7.13 per cent. of Sterlite. As a result, Vedanta currently has an
effective interest of 68.1 per cent. in Sterlite.
Vedanta's copper operations are owned and operated by Sterlite. Sterlite also
holds a 64.9% stake in the group's zinc business, Hindustan Zinc Ltd ('HZL'),
and 51% of the Bharat Aluminium Company ('Balco').
This information is provided by RNS
The company news service from the London Stock Exchange