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Vedanta Resources (VED)

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Thursday 20 July, 2006

Vedanta Resources

1st Quarter Results

Vedanta Resources PLC
20 July 2006

                                                                    20 July 2006

                             Vedanta Resources plc

           Unaudited Results for the First Quarter ended 30 June 2006

• Revenues and EBITDA of $1,285.5 million and $589.1 million, respectively
• Record production of aluminium and zinc
• Expansion projects on schedule

Performance Summary

First quarter revenues were $1,285.5 million, up 113% compared to the
corresponding quarter last year, driven by better price realisations and an
increase in volumes. EBITDA increased to $589.1 million, up 280%. The increase
in EBITDA was partially offset by increased costs due to high input prices and
royalties which are linked to LME prices. Sales across all metals were lower
than production during the quarter due to the seasonal build up of inventory by
domestic customers. Underlying demand for all our commodities remains strong and
we expect current stocks to be liquidated during the year. Our phase 2 expansion
projects are progressing on schedule with orders for critical equipment and
packages being placed. We continue to experience challenges at KCM and measures
to address plant availability and related issues are being progressed.


The existing plants at BALCO and MALCO continue to operate near rated capacity,
in line with our expectations. The new Korba smelter (Plant II) produced 42,000
tonnes during the quarter as compared with 33,000 tonnes in the immediately
preceding quarter.

Revenues were $157.8 million as compared to $73.3 million in the corresponding
period last year on account of plant II metal availability and higher price
realisations. EBITDA was $66.1 million as compared to $17.7 million in the
corresponding period last year. However, as experienced by other producers,
higher prices of alumina, caustic and carbon have increased costs marginally.
There was an inventory build-up of 13,000 tonnes of metal during the quarter.

As previously announced in May, production at Plant II was temporarily affected
due to the power plant being tripped. The process of re-commissioning is well
established and good progress is being made. We expect to complete commissioning
of all pots by the end of September 2006. While production for the year is estimated 
to be lower by approximately 25,000 tonnes than originally envisaged,
the financial impact for FY 2007 is marginal due to the export of additional
surplus power.

The 1-1.4 mtpa alumina refinery at Lanjigarh, Orissa is progressing well and we
expect to achieve mechanical completion by the end of the second quarter of the
current financial year. As previously stated, in respect of the bauxite mine, the
matter is still under the consideration of the Ministry of Environment and

Engineering work for the green-field 500,000 tpa aluminium smelter and
associated 1,215 MW captive power plant in Jharsuguda, Orissa is progressing
well and orders for critical equipments have been awarded.

During the quarter, MALCO won a prestigious award from the Tata Energy Research
Institute in recognition of its environmental management practices and
innovative initiatives.

Copper - India & Australia

The Tuticorin smelter is performing at close to rated capacity and in line with
our expectations. Copper cathode production during the quarter was 57,000 tonnes
as compared to 56,000 tonnes in the corresponding quarter last year. Production
was lower than rated capacity due to a planned maintenance shutdown of 21 days
in April 2006.

Mined metal production at our Australian mines was 8,000 tonnes as per plan
during the quarter as compared with 10,000 tonnes in the corresponding quarter
last year due to the planned closure of Thalanga Copper Mines in the second
quarter of FY 2006.

Revenue was $472.7 million as compared to $234.4 million in the corresponding
prior quarter, primarily due to higher metal prices. EBITDA was $115.2 million
as compared to $33.2 million in the corresponding prior quarter, due to higher
LME prices and improved TC/RC realisation, partially offset by higher input
prices of fuel.

During the quarter, cathodes produced by the Tuticorin smelter were approved as
a brand by the LME, making us the first Indian company with 100% LME
registration on all our Indian copper brands.

Copper - Zambia

During the quarter, we produced 39,000 tonnes of copper cathode at KCM as
compared with 43,000 tonnes in the corresponding quarter last year, which was
lower than our expectations. Copper production at KCM was lower because of low
head-grade ore, lower recoveries due to a change in mineralogy and equipment
availability. This together with high input prices continues to have an
unfavourable impact on operating costs.

Revenue was $253.1 million as compared to $154.2 million in the corresponding
prior quarter, primarily due to higher metal prices. EBITDA was $126.0 million
as compared to $49.8 million in the corresponding prior quarter as higher metal
prices were partially offset by the impact of lower production volumes and
higher operating costs.

The Nkana smelter will be partially shutdown for planned routine maintenance in
August 2006.

Progress on the KDMP expansion project and the Nchanga smelter remains
satisfactory with orders for major packages such as the concentrator, shafts and
other long-lead items having been placed.


Mined metal production was 131,000 tonnes for the quarter, an increase of 15%
over output in the corresponding quarter last year, primarily due to the
increased output from Rampura Agucha mines. Refined zinc production was 82,000
tonnes during the quarter as compared with 57,000 tonnes produced in the
corresponding quarter last year, mainly due to production from the new hydro
smelter. There was an inventory build-up of 15,000 tonnes during the quarter.

Sales during the quarter were augmented by the export of 56,000 dry metric
tonnes of surplus zinc concentrate.

Revenue was $353.6 million as compared to $120.9 million in the corresponding
quarter last year, primarily due to higher metal prices and higher volumes from
the new plant. EBITDA was $279.4 million as compared to $53.1 million in the
corresponding quarter last year, primarily due to higher prices and metal
volumes, as well as a reduction in unit operating costs mainly due to operating
efficiencies achieved at the new captive power plant which more than offset
higher royalties linked to LME prices.

During the month of July 2006, the Chanderiya pyro smelter was under shutdown
for a period of 11 days for planned routine maintenance and has now recommenced

Work on the new 170,000 tpa Chanderiya Phase II hydro smelter is progressing
satisfactorily. Basic engineering and 80% of the ordering is now complete and
the plant is on course for expected completion early in 2008.

Production Summary (Unaudited)                      
                                               (in 000'tonnes, except as stated)

                                                         % Change
                                                    Q1 FY 2007 vs.
                     Q1 FY 2007   Q1 FY 2006            Q1 FY 2006       FY 2006
Alumina                      73           71                  2.8%           296
Aluminium                    76           36                111.1%           210
Copper - India/Australia
  Mined metal content         8           10               (20.0)%            34
  Copper - Cathode           57           56                  1.8%           273
  Copper - Rods              40           39                  2.6%           167
Copper - Zambia
  Mined metal content        18           25               (28.0)%            99
  Copper - Cathode           39           43                (9.3)%           164
Zinc - Mined Metal Content  131          114                 14.9%           472
Refined Zinc                 82           57                 43.9%           284

Financial Summary (Unaudited)
                                                (in $ million, except as stated)

                                                          % Change
                                                    Q1 FY 2007 vs. 
                     Q1 FY 2007   Q1 FY 2006            Q1 FY 2006       FY 2006        
 Aluminium                157.8         73.3                115.3%         453.0
   India/Australia        472.7        234.4                101.7%       1,537.9
   Zambia                 253.1        154.2                 64.1%         703.4
 Zinc                     353.6        120.9                192.5%         875.5
 Others                    48.3         20.6                134.5%         132.0
Total                   1,285.5        603.4                113.0%       3,701.8

 Aluminium                 66.1         17.7                273.4%         135.3
   India/Australia        115.2         33.2                247.0%         219.0
   Zambia                 126.0         49.8                153.0%         206.3
 Zinc                     279.4         53.1                426.2%         532.9
 Others                     2.4          1.3                 84.6%           8.0
Total                     589.1        155.1                279.8%       1,101.5

For further information, please contact:

Sumanth Cidambi                                    [email protected]
Associate Director - Investor Relations            Tel: +44 20 7659 4732 / +91 22 6646 1531
Vedanta Resources plc

Faeth Birch                                        Tel: +44 20 7251 3801
Robin Walker

About Vedanta Resources plc
Vedanta Resources plc is a London listed diversified metals and mining group.
Its principal operations are located throughout India, with further operations
in Zambia and Australia. The major metals produced are aluminium, copper, zinc
and lead. For further information, please visit

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

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