Vedanta Resources achieves record aluminium, zinc, silver and copper production

After a ramp up in production in the fourth quarter, Vedanta Resources achieved record levels of aluminium, zinc, silver and copper production at its Indian mines.

The FTSE 250 miner’s subsidiaries also announced record interim dividends in March with Hindustan Zinc declaring a dividend of about $2.1bn, including dividend distribution tax, and Vedanta Limited declaring a dividend of around $1bn, of which about $500m will be received by Vedanta Plc to be used towards early redemption of 2018 bonds.

At the Zinc India mine, record annual production of mined metal at 907,000 tonnes of zinc and lead with record annual production of refined silver at 14.55m ounces for the quarter ended 31 March.

There was also record annual and quarterly copper cathode production of of 402,000 tonnes, 5% higher year-on-year and record aluminium production in fourth quarter of 353,000 tonnes, up 56%.

Iron ore achieved 2.6m tonnes of the additional production capacity granted in the Goa site.

The company also said that the merger between Vedanta Limited and Cairn India is expected to be completed shortly.

Chief executive Tom Albanese said: "In line with our strategic priority to ramp up production at our zinc, aluminium, power and iron ore businesses, I am happy to say that we have achieved strong results on this front during the year. In particular, record production levels at Hindustan Zinc are well-timed in these strong commodity markets. We remain committed to the turnaround of Konkola Copper Mines.”

He said that the company has also carried out a number of measures to strengthen its balance sheet, while maintaining its commitment to prudent cost management, to deliver strong returns for shareholders.