Vedanta boosts zinc and aluminium output
Indian miner Vedanta Resources has produced record annual amounts of zinc and aluminium in the past year as it exploits the boom in metal prices.
Setback: Indian government has referred deal with Cairn to a panel of ministers
Output of refined zinc from India was up 23% at 712,000 tonnes in the year to March 31. And aluminium production jumped 20% to 641,000 tonnes.
Iron ore production slipped marginally in the full year to 18.8m tonnes, but was down 21% in the final quarter as a result of an export ban in the state of Karnataka.
An Indian court has ruled the ban should be lifted from April 20.
Shares in Vedanta rose 23p to 2,454p in trading today, after sliding earlier in the week when a deal to purchase a 51% stake in Ca
The Indian government referred it to a panel of ministers, with no clear timetable for a final decision.
The £5.9bn acquisition has been bogged down in a dispute over royalties with Cairn India's partner, the state-owned Oil and Natural Gas Corp.
Cairn is keen to complete the deal in order to return cash to shareholders and get on with a major oil exploration project in waters off the coast of Greenland.
Broker Collins Stewart said that this week's development was clearly a disappointment but the deal was not yet dead.
Analysts at broker Evolution noted that Cairn has sufficient funds to go ahead with exploration wells in Greenland this summer even if the Vedanta deal drags on.
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