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Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Wednesday 30 January, 2008

Vedanta Resources

3rd Quarter Results

Vedanta Resources PLC
30 January 2008

                             Vedanta Resources Plc
            Unaudited Results for the Third Quarter and Nine Months
                             Ended 31 December 2007


• Revenues for the quarter ('Q3') and nine months ended ('nine months period') 
  ended 31 December 2007 was $1,888.2 million and $5776.1 million, up 7% and 21%
  respectively as compared with the corresponding prior period
• EBITDA for the nine months period crosses the $2 billion mark on the back of 
  volume growth, operating efficiencies and the acquisition of Sesa Goa, offset 
  by the sharp appreciation of the Indian rupee and the decline in the LME 
  prices of zinc and aluminium
• Highest ever quarterly zinc production
• Production across all the metals generally higher than that in the 
  corresponding prior quarter
• Chanderiya II smelter commissioned three months ahead of schedule
• Stable cost of production ('COP'), despite increases in energy and related 


Aluminium production in Q3 at 99,000 tonnes was consistent with trends in the
corresponding prior quarter and the rated capacity.

Despite higher sales volumes, revenues for Q3 were marginally lower at $261.9
million as compared with $279.7 million in the corresponding prior quarter due
to lower LME prices of aluminium by 10% and the sharp appreciation of the Indian
rupee against the US dollar by 12%. EBITDA for Q3 was at $73.4 million as
compared with $128.8 million in the corresponding prior quarter. While COP was
stable in INR terms, EBITDA was also adversely impacted by the aforesaid

The first stream of the Lanjigarh alumina refinery has stabilised and produced
115,000 tonnes of calcined alumina during Q3. The second stream of the Lanjigarh
refinery has now been tested.

With regard to the environmental clearances for the Lanjigarh bauxite mines, we
are now progressing as per the directions provided by the Honourable Supreme
Court of India and are hopeful of a positive resolution of the matter soon.

Work on the first phase of the 500,000 tpa aluminium smelter and the associated
captive power plant at Jharsuguda, Orissa is progressing well. Equipment
deliveries are progressing as per schedule and the plant erection work has
commenced. Phase 1 of this project comprising a 250,000 tpa smelter and the
associated captive power plant is on track for commissioning with first metal
out by mid-2008, one year ahead of schedule.

Copper - India and Australia

During Q3, the copper cathode production at the Tuticorin custom smelter at
77,000 tonnes was lower than our expectations, on account of unscheduled plant
maintenance. Overall the plant performance was good, with copper recoveries
highest ever, during Q3. This alongwith better by-product management contributed
to significantly lower cost of production.

Mined metal production at our Australian mines was in line with our expectation
at 7,000 tonnes in Q3.

Revenues for Q3 were lower at $669.4 million as compared with $717.5 million in
the corresponding prior quarter. The decrease in revenues was primarily on
account of lower volumes and the sharp appreciation of the Indian rupee against
the US dollar by 12%.

Despite TcRcs being at 50% of their prior levels, EBITDA during Q3 at $91.4
million was generally in line with the corresponding prior quarter, as a result
of better operating efficiencies and other income.

Copper - Zambia

During Q3, KCM produced 38,000 tonnes of copper cathode as compared with
35,000 tonnes in the corresponding prior quarter. Whilst, the tailings leach
plant production system is fairly stabilised, the mining feed to smelter was
20,000 tonnes in Q3. The various improvement initiatives being undertaken are
likely to improve the mining performance and thereby also the operating cost
going forward.

Revenues for Q3 were $232.1 million as compared with $211.4 million in the
corresponding prior quarter. EBITDA for Q3 was lower at $52.8 million as
compared with $79.4 million in the corresponding prior quarter mainly on account
of higher cost of production.

Work on the Konkola Deeps mine expansion project is progressing well with the
sinking of the main hoisting shaft and other auxiliary shafts on schedule. Work
at the Nchanga smelter expansion project remains on track with major equipment
delivered on site and erection activities progressing in line with our schedule.


HZL recorded its highest ever quarterly production in Q3 for both zinc and lead.
It produced 104,000 tonnes of zinc and 14,500 tonnes of lead, an increase of 12%
and 21% respectively as compared with the corresponding prior quarter. The mined
metal production was 135,000 tonnes in Q3 as compared with 128,000 tonnes in the 
corresponding prior quarter.

The Chanderiya II new hydro zinc smelter was commissioned in December 2007,
three months ahead of its schedule. The ramp up of production is developing in
an excellent manner and we expect to achieve rated production much ahead of

Sales during Q3 were augmented by the sale of 72,000 dry metric tonnes of
surplus zinc and lead concentrate.

Revenues in Q3 were $424.5 million as compared with $549.6 million in the
corresponding prior quarter. EBITDA for Q3 was $276.8 million as compared with
$425.2 million in the corresponding prior quarter. Whilst sales volume were
higher and the overall cost of production was stable in INR terms, the revenues
and EBITDA were affected primarily on account of lower metal prices and the
sharp appreciation of the Indian rupee against the US dollar. Average zinc LME
for Q3 was $2,646 per tonne, a decrease of 37% as compared with $4,194 in the
corresponding prior quarter. The Indian rupee appreciated by 12% during the
quarter as compared with the corresponding prior quarter.

The work on the 88,000 tonne debottlenecking project and the associated captive
power plant is progressing well and is on schedule for commissioning by

Iron Ore

For the nine months period, the shipment of iron ore was 4.0 million tonnes, as
compared with 3.1 million tonnes in the corresponding prior period, taking the
total shipment of iron ore to 7.4 million tonnes in the year to date.

Revenues for Q3 and the post acquisition period of eight months were $303.5
million and $464.9 million respectively, with the corresponding EBITDA at $182.2
million and $260.3 million. The revenues and EBITDA were higher as compared
with the immediately preceding quarter due to higher sales volumes and improved 
sales realisation.

Commercial Energy

Work on our 2400 MW (4x600 MW) coal based independent thermal power plant is
progressing well. The EPC contract has been placed and engineering and
procurement activities are on track. The construction activities are in full
swing and the project is on schedule.

As part of our green energy initiative, we have commissioned 68.8 MW wind power
plants as of December 2007 and we expect to take this to 124 MW by March 2008.

Production Summary (Unaudited)
                                              (in '000 tonnes, except as stated)
                              Q3(1)                     Nine Months(1)
                       2007-08   2006-07   Change   2007-08   2006-07   Change

  Korba / Mettur            68        69     (1.4%)     213       220     (3.2%)
  Lanjigarh                115         -        -       143         -        -
Aluminium                   99        98      1.0%      295       253     16.6%
Copper India / Australia
  Mined metal content        7         7        -        22        22        -
  Cathodes                  77        86    (10.5%)     249       224     11.2%
  Rods                      55        41     34.1%      162       127     27.6%
Copper Zambia
  Mined metal content       20        21     (4.8%)      61        65     (6.2%)
  Cathodes                  38        35      8.6%      117       105     11.4%
  Mined metal content      135       128      5.5%      413       384      7.6%
  Refined metal            104        93     11.8%      291       253     15.0%
Iron Ore(2)
  Saleable ore(3)        2,999         -        -     6,781         -        -
(1) Q3 - third quarter ended 31 December 2007 and 2006, respectively, 
    Nine Months - Nine month period ended 31 December 2007 and 2006,
(2) Nine month number represents production in post acquisition period of 8 
    months to 31 December 2007, and are not directly comparable with the 
    corresponding prior periods
(3) Saleable ore is reported on wet tonnes basis

Financial Summary (Unaudited)
                                                (in $ million, except as stated)
                             Q3(1)                      Nine Months(1)
Revenue                2007-08   2006-07   Change   2007-08   2006-07   Change

Aluminium                261.9     279.7     (6.4%)   828.6     675.9     22.6%
Copper -  
India/Australia          669.4     717.5     (6.7%) 2,280.5   1,907.7     19.5%
Copper Zambia            232.1     211.4      9.8%    812.1     699.6     16.1%
Zinc                     424.5     549.6    (22.8%) 1,388.8   1,431.1     (3.0%)
Iron Ore(2)              303.5         -        -     464.9         -        -
Others                    (3.2)      2.2        -       1.2      50.6        -
Total                  1,888.2   1,760.4      7.3%  5,776.1   4,764.9     21.2%

Aluminium                 73.4     128.8    (43.0%)   265.8     265.2      0.2%
Copper -
India/Australia           91.4      92.4     (1.1%)   236.4     304.1    (22.3%)
Copper Zambia             52.8      79.4    (33.5%)   264.7     323.8    (18.3%)
Zinc                     276.8     425.2    (34.9%) 1,017.2   1,128.7     (9.9%)
Iron Ore(2)              182.2         -        -     260.3         -        -
Others                    (5.1)     (1.5)       -      (8.3)     (7.0)       -
Total                    671.5     724.3     (7.3%) 2,036.1   2,014.8      1.1%

(1) Q3 - third quarter ended 31 December 2007 and 2006, respectively, Nine
    Months - Nine month period ended 31 December 2007 and 2006, respectively
(2) Nine month numbers represents revenues and EBITDA for post acquisition
    period of 8 months to 31 December 2007, and are not directly comparable with 
    the corresponding prior periods

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

Faeth Birch                                        Tel: +44 20 7251 3801
Robin Walker

About Vedanta Resources plc
Vedanta Resources plc is a London listed FTSE 100 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, lead and iron ore. 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

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

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