Mine problems hurt Vedanta

Suzie Neuwirth
INDIA-FOCUSED miner Vedanta Resources yesterday reported a 23 per cent decline in first-quarter earnings, impacted by production delays at its copper and iron ore mines.

Copper earnings fell 60 per cent, as a copper smelter was suspended due to environmental concerns.

Iron ore earnings fell 107 per cent after mining bans in the states of Goa and Karnataka in India halted production. Mining in Karnataka is expected to resume in the second quarter, the FTSE 100 firm said.

Total revenue fell 23 per cent to $2.87bn (£1.89bn).