Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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Vedanta Resources (VED)

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Monday 26 January, 2009

Vedanta Resources

KCM Trading Update

RNS Number : 2174M
Vedanta Resources PLC
26 January 2009
 




26 January 2009


KCM Trading Update


Vedanta Resources plc ('Vedanta' or the 'Group') announces a trading update for its Copper Zambia division ('KCM') for the Third Quarter ('Q3') and Nine Months ended 31 December 2008.


During Q3, KCM produced 25,000 tonnes of copper cathode as compared with 38,000 tonnes in the corresponding prior quarter primarily due to the gradual ramp down of the existing Nkana smelter,  where the operating costs are high, in order to facilitate concentrate feed to the new Nchanga smelter. The ramp up of the new Nchanga smelter is progressing well and it is expected to be more efficient in terms of both recovery and unit Cost of Production ('CoP') KCM produced 20,000 tonnes of mined metal in Q3, in line with the corresponding prior quarter.


Revenues in Q3 were $121.million, lower compared with $ 232.million in the corresponding prior quarter, primarily on account of the sharp and sudden decline in copper LME prices by 46% compared with the comparative prior quarter and lower volumesKCM had to writedown its inventories to their net realisable values consequent to a sharp and sudden decline in copper LME prices compared with the immediately preceding quarter, resulting in a loss of $95.3 million. Further, KCM incurred a loss of $10.2 million on account of finalisation of provisional pricing. As a result, EBITDA in Q3 was $159.4 million loss.  Excluding the inventory writedown and provisional pricing adjustments, EBITDA for Q3 was $53.9 million loss.


Our cost reduction measures at KCM together with lower input costs resulted in a unit CoP of 246 USc/lb compared with 303 USc/lb in the immediately preceding quarter. Our unit CoP in December 2008 was 202 USc/lb.


Management believes that following the successful ramp up of the Nchanga smelter, production of copper cathodes will improve in the fourth quarter. In addition, with the continued focus on cost reduction, KCM expects to achieve an average unit CoP of 16USc/lb 170 USc/lb in the last quarter of FY 2009 with an exit rate CoP between c150 USc/lb - 16USc/lb.


The Group results for the Third Quarter and Nine Months ended 31 December 2008 will be released on Wednesday, 28 January 2009.




Production and Financial Summary (Unaudited)



Quarter ended 31 December

Nine Months ended 31 December

Particulars

2008

2007

Change

2008

2007 

Change

Production ('000 tonnes)







  Mined metal content

20

20

0.0%

62

61

1.6%

  Cathodes 

25

38

(34.2%)

98

117

(16.2%)








Financial summary ($ million)







Revenues

121.9

232.1

(47.5%)

636.2

812.1

(21.7%)

EBITDA

(159.4)

52.8

(88.5)

264.7



For further information, please contact:

Sumanth Cidambi

Director - Investor Relations

Vedanta Resources plc


sumanth.cidambi@vedanta.co.in

Tel: +44 20 7659 4732 / +91 22 6646 1531


Faeth Birch

Robin Walker

Finsbury

Tel:  +44 20 7251 3801


About Vedanta Resources plc

Vedanta Resources plc ('Vedanta') is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 29,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information visit www.vedantaresources.com


Disclaimer

This press release contains 'forward-looking statements' - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' 'should' or 'will.' Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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