Vedanta Resources is a diversified and integrated metals and mining group with annual sales of $1.9bn. Its principal operations are located in India, where it has a major market share in each of our main metals: aluminium, copper, zinc and lead. There are also substantial copper operations in Zambia and 2 copper mines in Australia.

            Red = 25 day moving average.           Green = 200 day moving average.

                        

Copper - (6 month graph)

SALES PER ACTIVITY (Data as of 31/03/2006)

Copper:      60%
Zinc:         24%
Aluminium:  12%
Others:       4%

Mumbai, India: Vedanta Limited today announced its unaudited consolidated results under Ind AS for the third quarter (Q3) ended 31 December 2016.

Financial Highlights
· Revenues of Rs. 19,320 crore, up 23% q-o-q
· EBITDA of Rs. 6,002 crore, up 29% q-o-q and up 83% y-o-y
· Robust EBITDA margins1 of 39%, reflecting benefits from higher commodity prices and volume ramp-up
· Attributable PAT at Rs. 1,866 crore, up 4.5 times y-o-y and 49% higher q-o-q
· Delivered cumulative cost and marketing savings of $545 mn over the last 7 quarters, ahead of plan to deliver $1.3 bn in four years
· Free cash flow of Rs. 1,801 crore, driven by strong operating performance
· Gross debt reduction of Rs. 1,828 crore and net debt reduction of Rs. 447 crore during the quarter
· Strong financial position with total cash and liquid investments of Rs. 53,452 crore

Operational Highlights
· Zinc India: Mined metal production up 44% q-o-q in line with mine plans; environment clearances received for expansion of Zawar and Sindesar Khurd mines
· Aluminium: Smelters continue to ramp-up; third line of the 1.25 mtpa Jharsuguda-II smelter commenced ramp up in December 2016
· Power: 1,980MW TSPL plant availability at 77%
· Oil & Gas: Mangala EOR production at 55 kboepd; Rajasthan production impacted by planned shutdown
· Iron ore: Achieved annual mining production cap in January; received additional mining allocation in Goa for FY2017
1. Excludes custom smelting at Copper India and Zinc India operations

Tom Albanese, Chief Executive Officer, Vedanta Limited, said: "Volume ramp-up and cost efficiencies across our operations, aided by higher commodity prices, have significantly driven up EBITDA y-o-y. Our financial position remains robust and we continue to strengthen our balance sheet by maximising free cash flow and reducing debt. With our focus on simplifying the group structure, the Vedanta Limited and Cairn India merger is expected to be completed in the first quarter of CY 2017."

StockMarketWire.com
Vedanta Resources has improved its Q3 revenue and EBITDA, but on a nine-month basis these were lower. The company also noted lower production in both the three- and nine-month periods.

Revenue for Q3 was $318.7m, up 4% from $307.8m, with EBITDA at $158.2m, up 66% from $95.5m. These gains reflected the benefits of higher commodity prices and production volumes.

However, on a nine-month basis, revenue was $904.6m, down 15% from $1.06bn, while EBITDA was $432.1m, down 8% from $469.2m.

For Q3 FY 2017, average gross production across assets was lower at 181,818 boepd, from 202,668 boepd, primarily due to planned maintenance shutdown in Rajasthan and natural decline in offshore assets.

In the nine months to Dec. 31, 2016, average gross production across assets was 191,674 boepd, down 7% from 205,909 boepd.

CEO Tom Albanese said the company had achieved substantial operational progress during the quarter with ramp up of it Aluminium, Power and Iron Ore capacities.

"We are very excited about our Gamsberg Zinc project in South Africa where first ore is expected in mid-2018. At KCM, we are committed to the turnaround of this asset and continue to work towards it," he said.

Vedanta's rising capacity utilizations and the continued focus on costs, alongside stronger commodity prices, enabled it to deliver 79% higher EBITDA and strong free cash flow, he said.

"In line with our stated financial strategy to extend near-term maturities and optimise the balance sheet, we successfully issued a $1bn USD bond in January 2017 to proactively refinance part of our 2018 and 2019 bond maturities.

"We are pleased with the strong demand these bonds received, with support from all major markets."

National Company Law Tribunal approves merger of Cairn India Limited with Vedanta Limited

The National Company Law Tribunal, Mumbai Bench ("Tribunal"), has today approved the Scheme of Arrangement between Vedanta Limited and Cairn India Limited, and their respective shareholders and creditors ("Scheme"). The certified copy of the order is awaited from the Tribunal.

Update on Vedanta Limited - Cairn India merger
The Company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Limited and Cairn India Limited, and their respective shareholders and creditors ("Scheme"), save and except the approval of Reserve Bank of India for issuance of Redeemable Preference Shares to the Non-resident shareholders of Cairn India Limited.

The Scheme will be made effective and record date for issue of the Company shares pursuant to the Scheme, would be set upon receipt of the said approval of Reserve Bank of India.

StockMarketWire.com
Vedanta Resources said it has achieved strong results in ramping up output at its zinc, aluminium, power and iron ore businesses, in line with the company's strategic priority.

"In particular, record production levels at Hindustan Zinc are well-timed in these strong commodity markets. We remain committed to the turnaround of KCM," said CEO Tom ALbanese.

He added that the merger of Vedanta Ltd and Cairn India was set for completion in due course.

"In addition, we have carried out a number of proactive measures to strengthen the balance sheet, while maintaining our commitment to prudent cost management, to deliver strong returns for all stakeholders."

OPERATIONS HIGHLIGHTS:

Oil & Gas:
- Successful ramp up from Mangala EOR with production level of 56,000 boepd in Q4

Zinc India:
- Record annual production of mined metal at 907,000 tonnes of zinc and lead

- Record annual production of refined silver at 14.55 million ounces

Zinc International:
- Highest quarterly production at Black Mountain in 4 years

- Mobilisation on Skorpion Pit layback has commenced in April

- Gamsberg project on track to commence production in mid CY 2018

Copper India:
- Record annual and quarterly copper cathode production

Aluminium:
- Record aluminium production in Q4

Power:
- Record power production in Q4

- 1,980 MW TSPL plant: high availability at 85% in Q4

Iron ore:
- Achieved 2.6 million tonnes of the additional production capacity granted in Goa

Copper Zambia
- Lower integrated production due to lower equipment availability; strong custom production

Why is Vedanta dropping? 765p now.

this could be an interesting technical play
for some reason that is not at all apparent, sp has dropped from 1100 (all time high) in mid february to 765 at close today
at 765, sp is just touching (rising) 200 dma

will i be buying?
very doubtful, not least because base metal stocks have been performing poorly of late
nevertheless, for those of stronger nerves - brave gamblers!- this could be worth a dabble

All of the main mining stocks on the LSE seem to have peaked and are threatening to break down through the 200 DMA. Many dropped today around 3-5%. (RIO, ANTO, BLT, AAL etc)
In addition: "Miners were among the casualties as copper prices dropped sharply by 2.7% to $5,599 per tonne.
This hit some of the world's biggest miners including Rio Tinto (RIO), Anglo American (AAL) and BHP Billiton (BLT) by up to 4% on the implication they would make less money from selling the conductive metal."

SALES PER ACTIVITY (Data as of 31/03/2006)

Copper: 60%
Zinc: 24%
Aluminium: 12%
Others: 4%

I would need to see the updated % on the above.

Hmmmmm.....lots of downside to come, imo.

Jefferies International Hold 715.50 950.00 850.00 Reiterates

£8.50 is a joke... £5.00 more likely.

I agree.....then back up to 850p?!!!!

Heading down to the 500p level pretty quickly.

signs of life.

Moving higher today with buyers returning.

StockMarketWire.com
Vedanta has boosted its FY EBITDA and revenue, and enters FY 2018 in a stronger financial position.

"We delivered a strong set of results this year and took important steps towards achieving our strategic objectives," said chairman Anil Agarwal in a statement.

The company's revenue rose 7% to $11.5bn, driven by firmer commodity prices and volume ramp-up. EBITDA increased 37% to $3.2bn.

"We reached record production levels across several of our businesses and I am confident of continued successful ramp ups from our world-class assets," he said.

"An important milestone for us this year was the completion of the merger of Vedanta Limited and Cairn India, and our simplified group structure will support strong shareholder returns," said Agarwal.

"We remain committed to a consistent strategy and de-levering the balance sheet, and look ahead to FY 2018 in a stronger financial position and with more confidence than ever."

Continuing his reference to FY 2018, Agarwal said he was optimistic that the improvement in commodity markets experienced this year might continue for the foreseeable future.

"Prices in copper, aluminium, zinc, iron ore, oil and gas have all shown a strong recovery last year, so we approach FY 2018 with a cautious optimism and a continuing discipline in our capital allocation," he said.

"Meanwhile, we will continue to contribute to India's exciting growth trajectory, working with the Indian Government, our employees and communities to make a difference."

Jefferies International today downgrades its investment rating on Vedanta Resources PLC (LON:VED) to underperform (from hold) and cut its price target to 500p (from 700p).

got a 26p div coming up soon.

Cryps this one's tumbled since end of Feb, hope you got in after most of the fall for that divi BB.