Sunday, October 11, 2015

Vedanta trims opex, capex in second quarter

Vedanta Resources said it has reduced capital and operating expenditures in the July-September quarter as the mining conglomerate tries to tackle volatile market conditions as well as subdued metal prices globally.

The mining giant, led by billionaire Anil Agarwal, said market conditions are expected to remain “challenging in the short-term”.

Presenting its production figures for the second quarter of 2015-16, Vedanta Resources Group CEO Tom Albanese said: “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.” The group’s diversified asset portfolio has delivered a strong performance during the quarter, including record production from its tier-1 zinc mines, he said.

During the quarter, several initiatives and programmes to generate cash savings, including a reduction of working capital have been implemented across businesses.

These initiatives have resulted in an improved cost performance and lower net debt at the end of the quarter, it added.

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