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Vedanta reports record zinc production

Keith Bowman | 9 October 2015 | A A A
Vedanta reports record zinc production

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The diversified global mining company today (09 Oct 2015) announced a second quarter/first half production update. The group pointed to record production for its tier-1 zinc mines and lower costs for its Zambia copper operations. Oil and Gas second quarter production rose by 6% year-over-year.

In relation to the company's financial position, the second quarter saw several initiatives and programmes to generate cash savings, including a reduction of working capital implemented across its businesses. These initiatives had resulted in an improved cost performance and lower net debt. Net debt at the end of the quarter is expected to be below US $8bn and management is confident of meeting its covenants at Vedanta Resources plc as at 30 September 2015.

Chief Executive comment:

Tom Albanese, Chief Executive Officer, Vedanta Resources plc, said: "Our diversified asset portfolio has delivered a strong operating performance during the quarter. We are continuing to drive efficiency improvements and optimise opex and capex across the business. While the near-term market outlook is challenging, we believe we have the right mix of commodities to benefit from future demand in India and globally."

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research for more information.

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