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Agarwal Mining Group Hit by Commodity Price Slump

Anil Agarwal’s mining group has reported a drop in half-year profits due to lower commodity prices.

Vedanta Resources, which was taken private by the Indian tycoon in 2018, said that earnings before interest, depreciation, taxation and amortisation fell 19 per cent to $1.4 billion in the six months to September. Revenues fell 5 per cent to $6.1 billion, mainly because of lower prices.

Vedanta Resources has operations in India, Africa and Australia, employing 65,000 people. It listed in London in 2003 but remained controlled by Mr Agarwal, 65. In 2018 Volcan Investments, his family trust, bought back the listed third of its shares.

Vedanta said that profits in its largest business, zinc, fell by 20 per cent to $479 million in the six months to…

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Source: The Times (UK)

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