Vedanta Resources PLC
03 August 2005
3 August 2005
At the Vedanta Resources plc Annual General Meeting today, Chief Executive,
Kuldip Kaura said:
Vedanta is a unique growth story and our profile of organic growth is unrivalled
in the metals and mining industry. The financial year to March 2005 and the
first quarter of this year has been an exciting period for Vedanta with strong
progress being delivered across the group. We continue to focus, perform and
deliver on the strategy set at the time of listing.
In our recent quarterly results reported on 28 July, each of our divisions
reported higher production volumes & EBITDA. The total EBITDA for the first
quarter to 30 June 2005 was $155 million, an increase of 97% over the same
period last year. As reported at the results, the new expansions at our zinc and
copper businesses are building up production well and our development at Korba
is progressing at a good pace with pots continuing to be brought on line.
At our aluminium expansion at Korba we have completed construction of 216 pots
out of a total of 288 and 50 pots have been commissioned. The second power unit
is expected to be commissioned this month and the project is well on track for
commissioning and ramp up by March 2006. At the alumina project at Orissa, the
basic engineering and orders for all major procurement items are complete and
the construction of the refinery is in progress.
The various management initiatives at KCM have started to yield results with
improved production in the first quarter in spite of a planned shutdown. The new
acid plant, is on schedule for commissioning in November 2005 and project
feasibility for expansion at the Konkola Deep Mining Project is underway.
Sustainable development remains fundamental to our business and top priority is
given to Safety, Health, Environment and community development as an integral
part of our business.
India offers a rare combination of high economic growth, low metal consumption
and substantial and undeveloped mineral resources. With this backdrop we should
be able to extend our unique growth profile and deliver new value creating
projects. We believe there are some significant further opportunities to expand
our production, particularly in aluminium, zinc and also in our Zambian copper
assets. The outlook remains positive and I look forward to reporting on this
over the coming year.
For further information, please contact:
John Smelt, Head of Investor Relations Tel: +44 20 7499 5900
Vedanta Resources plc +44 787 964 2675
James Murgatroyd Tel: +44 20 7251 3801
This information is provided by RNS
The company news service from the London Stock Exchange