Vedanta earnings rise as India production falls

Vedanta Resources PLC (VED.LN) said Monday that group revenue and Ebitda in the first quarter of fiscal 2019 rose, despite production at its Indian zinc and copper operations falling due to plant closures and lower availability of mined metal.

The diversified metals-and-mining company said group revenue for the three months ended June 30 rose 15% to $3.55 billion, while earnings before interest, taxes, depreciation and amortization rose 27% to $983 million.

Vedanta said mined-metal production at its India zinc business fell 9% to 212,000 tons, compared with the year-earlier period, primarily due to the closure of open-pit operations as the business transitioned to full underground mining.

Copper-cathode production in India took a large hit after its smelting plant in Tuticorin in Southern India was closed following government orders, the company said. Copper-cathode production fell 73% to 24,000 tons. Copper mining in Zambia increased 15% to 23,000 tons, the company said.

Production of iron ore at Vedanta’s Goa operation fell 89% compared with the first quarter of fiscal 2018 after local government ordered mining in the state to stop on March 16.

Oil-and-gas and aluminum production during the quarter increased 4% and 47% respectively, Vedanta said.

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