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Vedanta Q2 iron ore output hit by ban

Oct 07 2011, 16:06 IST
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SummaryVedanta posted a 61 percent drop in saleable iron ore output in its second quarter.

India-focused miner Anil Agarwal-led Vedanta posted a 61 percent drop in saleable iron ore output in its second quarter, hit by a ban on mining in the Indian state of Karnataka, though sales fell by a smaller amount due to high volumes sold before the curb.

The ban is part of efforts by the key iron ore producing southern state of Karnataka to control illegal mining. Vedanta said the court had ordered a study by government agencies and was allowing the sale of inventory by auction.

Iron ore is typically Vedanta's most profitable product along with zinc, accounting for almost a third of profits.

The miner, which bought three iron ore assets in emerging producer Liberia in August, said its iron ore production fell to 1.12 million tonnes, from 2.88 million tonnes in the same period a year ago. Sales totalled 1.55 million tonnes, from 1.82 million a year ago.

Vedanta said its refined zinc production from its core Indian operations rose 5 percent in the second quarter to the end of September to 185,000 tonnes, largely thanks to better performance at its smelters.

Aluminium production was down 8 percent at 149,000 tonnes in the quarter after the outage at Vedanta's Jharsuguda-I smelter, which remains on track to resume normal capacity by the end of its third quarter. It warned production costs had increased due to higher input prices and maintenance.

Indian and Australian copper cathode production increased 28 percent, while Zambian copper cathodes fell 10 percent.

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