10th Feb 2017 10:27
LONDON (Alliance News) - Vedanta Resources PLC said Friday that its subsidiary Hindustan Zinc Ltd delivered "record" mined metal production in its third financial quarter.
Hindustan Zinc produced 276 kilotonnes of mined metal in the quarter ended December 31, up 21% year-on-year and 44% quarter-on-quarter.
However for the nine-month period to December 31, mined metal production is down 15% year-on-year at 595 kilotonnes from 700 kilotonnes.
Hindustan Zinc's earnings before interest, tax, depreciation and amortisation in the quarter were Rs 2,757 crore, up 88% year-on-year and 33% quarter-on-quarter.
"2016 was a strong year as zinc prices surged over 55 percent during the quarter compared to a year ago. With no new zinc mines being commissioned in the near future, zinc market outlook remains positive for 2017 also," said Agnivesh Agarwal, chairman of Hindustan Zinc.
"I am pleased to report a five year compound annual growth rate of 38 percent in our underground mined metal production. We are uniquely poised to benefit from these dynamics, being the only primary zinc producer in the country," added Agarwal.
Shares in Vedanta were up 2.4% at 1,069.00 pence Friday morning.
By Adam Clark; [email protected]
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