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Vedantaindiaoperationssitevisit corporatepresentation[1]

  1. 1. VEDANTA RESOURCES PLCIndia Operations Site Visit:Corporate Presentation24 SEPTEMBER 2012
  2. 2. Cautionary Statement and DisclaimerThe views expressed here may contain information derived from publicly available sources that have not beenindependently verified.No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of thisinformation. Any forward looking information in this presentation including, without limitation, any tables, chartsand/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. Thispresentation should not be relied upon as a recommendation or forecast by Vedanta Resources plc ("Vedanta").Past performance of Vedanta cannot be relied upon as a guide to future performance.This presentation contains forward-looking statements – that is, statements related to future, not past, events. Inthis context, forward-looking statements often address our expected future business and financial performance,and often contain words such as expects, anticipates, intends, plans, believes, seeks, or will. Forward–looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertaintiesarise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations ininterest and or exchange rates and metal prices; from future integration of acquired businesses; and fromnumerous other matters of national, regional and global scale, including those of a environmental, climatic, natural,political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual futureresults to be materially different that those expressed in our forward-looking statements. We do not undertake toupdate our forward-looking statements.This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation ofan offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or anyof its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shallthis presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connectionwith, any contract or investment decision.FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 2
  3. 3. Agenda3FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Overview Navin Agarwal, Deputy Executive ChairmanVedanta Market PositioningBusiness and OperationsM.S. Mehta, Chief Executive OfficerFinancials D.D. Jalan, Chief Financial OfficerSustainable Development Tony Henshaw, Chief Sustainability Officer
  4. 4. Site Visit ItineraryTuesday - 25 September1. Jharsuguda Aluminiumand Power plantsWednesday - 26 September2. Rampura Agucha mineDariba smeltersSindesar Khurd mineThursday - 27 September3. Rajasthan (Mangala)oil fieldsFriday - 28 September4. Goa Iron ore mines4FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012India Operations Site VisitIron Ore• GoaZinc-Lead-Silver• Rampura Agucha mine• Dariba smelters• Sindesar Khurd mineAluminium• Jharsuguda smelterPower• Jharsuguda powerOil & Gas• RajasthanMumbaiS.K. RoongtaCEO, Aluminiumand Power11223344P. ElangoInterim CEO, Cairn IndiaOil & Gas GoaJharsugudaAgucha,Dariba,Sindesar KhurdBarmerAkhilesh JoshiCEO, Hindustan ZincZinc IndiaP. K. MukherjeeCEO, Sesa GoaIron Ore
  5. 5. OverviewNavin AgarwalDeputy Executive Chairman
  6. 6. HighlightsVedanta: A Global Diversified Natural Resources MajorWorld-class portfolio of large, structurally low-cost, scalable assets with long life of R&RStrong financial profile supported by diversified cash flow growthDelivering industry-leading production growth driven by substantially invested projectsRecent acquisitions provide additional growth optionsFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 63235,353FY2004 FY2012proformaEBITDA (US$mn)+42% CAGRFree Cash Flow (US$mn)3353,128FY2004 FY2012proforma+32% CAGRUnderlying EPS (USc/share)27209FY2004 FY2012proforma+29% CAGRNote: FY2012 numbers are proforma with Cairn India for full year
  7. 7. Strategic PrioritiesDeliver industry-leading production growth across our portfolioContinue to add reserves and resources to drive long-term valueComplete the simplification of the Group structureMinority buyouts at HZL and BALCOReduce gearing from free cash flow7FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Growth and Long-Term Value Creation with a Focus on Sustainability
  8. 8. Optimising Group StructureRestructuring on track for completion in CY2012Consolidates and simplifies group structure,eliminates cross-holdingsFinancial Benefits:− Delivers significant synergies upto $200mn/yr− Improves capital structure− Improves allocation and cost of capital− Enhances fungibility of cash− Enhances visibility of earnings and cash flowsReduces Debt service liability at plc by 61% to$3.9bnMinority BuyoutsBuyout of government stake in HZL and BALCOremains a priority8FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012KonkolaCopperMinesVedanta ResourcesPowerSesa SterliteAlumi-niumOil & GasZinc-Lead-SilverCopperIronOreHZLZinc Int’lSesa GoaWCLCairnIndiaTuticorinCMTBALCOVALTalwandiSaboJharsugudaBALCOMALCO58.3%79.4%Note: Shareholding based on basic shares outstanding
  9. 9. Tier-1 Diversified Asset PortfolioFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012FY2012ProductionTargetCapacity R&R Life1 Sustainable Cost Position2830kt 1mtpa 25+ Lowest Quartile444kt 400ktpa 20+3Lower Half7.8moz 16mozpa 25+ By-product173kboepd 260kboepd417 Lowest Quartile13.8mt 20.5mtpa4185Lowest Quartile200kt 400ktpa 24+6Lower Half675kt 2.3mtpaCurrently Lower Half; LowestQuartile with Captive BauxiteZinc IndiaZinc Intl.SilverIron Ore5Copper ZambiaAluminiumNote: 1. At capacity2. Cost position for base metals from Wood-Mackenzie, Iron ore from Metalytics ,and Oil & Gas from Company Study3. Includes Gamsberg4. For current producing assets, subject to approvals5. Does not include Liberia6. Mine life of Konkola DeepsLarge, Low-Cost, Long-Life, Scalable AssetsOil & Gas9
  10. 10. A Global Diversified Natural Resources Major10FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012FY12/CY11EBITDA($bn)PEMultipleBHP Billiton 33.7 9.9Vale 33.8 5.8Rio Tinto 28.5 7.8Anglo American 13.3 9.7Xstrata 11.6 11.2Teck 5.5 9.6Vedanta 5.3 5.0ENRC 3.4 6.9Top Global Diversified Natural Resources Companies38%23%30%16%10%37%13%37%69%98%52%13%36%46%28%17%7%15%48%33%15%10%6%3%6%4%46%2%11%2%21%14%2%2%O&G Zinc-lead Iron ore¹Copper Base metals² CoalAluminium Ferroalloys OtherScale and DiversificationSource: Company filings and broker reports. PE multiples based on BEST next year PE estimate from Bloomberg as of 14 September 2012. Vedanta numbers are proforma with Cairn India for full year FY2012.Note: Commodity split based on pro forma EBITDA for Vedanta and EBIT for major diversified mining companies.1. For Vale, Iron ore includes all ferrous metals2. For BHP, base metals includes copper and zinc-lead. For Xstrata, base metals includes nickel.
  11. 11. Strong and Consistent Profitability11FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Notes: 1. Excludes copper custom smelting operations2. Oil and Gas EBITDA margins have been calculated after adding back Rajasthan royalties and profit sharing with government to revenues. EBITDA margin based on reported revenues was 81%.10%23%27%30%41%43%54%56%41%GroupAluminiumCopper ZambiaPowerCopper AustraliaZinc- InternationalIron OreZinc- IndiaOil & Gas²1FY2012 EBITDA Margins by Segment33% 33%41%59%55%35%43%45%41%1,6363,756FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12Group EBITDA margin¹ Average LMEXConsistent Profit MarginsProfitability driven by Asset Quality and Diversification18%31%18%9%2%3%10%4%Share ofEBITDA
  12. 12. 1.82.33.13.72.52.21.51.71.30.5-FY2010 FY2011 ProformaFY2012FY2013e FY2014e FY2015eFree Cash Flow¹ Capex-ex-Cairn Capex-Cairn²Notes: 1. Free cash flow after Sustaining Capex but before Growth Capex2. Capex net to Cairn India; part of FY2014e capex is subject to Government of India approval; FY2015e capex has not been announced. Shaded portions pertain to growth not reflected in the RHS capacity growth chart.3. All metal and power capacities rebased to copper equivalent capacity (defined as production x commodity price / copper price) using Long Term commodity price estimates. Power rebased using FY2012 Realisations.Copper custom smelting capacities rebased at TC/RC for FY2012Free Cash Flow at an Inflection PointWell-Invested Capex Driving Near-Term GrowthFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Cash Flow and Growth Capex Profile - $bn1205001,0001,5002,0002,5003,0003,5004,000FY 2011 FY 2012 FY 2013 FY 2014 FY 2015Zinc-Lead Silver Iron Ore CopperAluminium Power Oil & GasYear-end Capacity (in Copper Equivalent kt)31.60.4
  13. 13. Vedanta Market PositioningM.S. MehtaChief Executive Officer
  14. 14. Resourcing IndiaIndiaStrong demographics and urbanization driving metalconsumption growthAbundant reserves to support further domesticproductionVedanta uniquely positioned as domestic suppluer ofkey commodities14FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Note: Source: Wood Mackenzie for metal consumption1. Commodity data represents Total estimated Reserves and Resources based upon public sources including GSI, GOI, Brook Hunt, UNFC, IBM, and E&Y.40%54%5%7%0.30.51.02.04.18.216.42005 2010 2015 2020 2025 2030Annualdemandinmntonnes(logarithmicscale)Zinc Consumption Estimates – India and China41%53%4%7%1101002005 2010 2015 2020 2025 2030Aluminium Consumption Estimates – India and ChinaAnnualdemandinmntonnes(logarithmicscale)Size of bubble indicates% of world consumptionSize of bubble indicates% of world consumptionR&R and Consumption: India and World3,3052,004Bauxite R&R (mt) Al Consumption2012e (kt)31634Zinc R&R (mt) Zn Consumption2012e (kt)
  15. 15. Proximity to Rapidly Growing Markets15FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012India48%China20%Other FarEast and Asia11%Middle Eastand Africa9%Rest of theWorld12%Vedanta Revenues by GeographyFY201282%30%6%39%33%5%Zinc Lead Silver Copper Aluminium OilStrong Market Positioning in IndiaFY2012 India Market Shares#1 #1 #1 #1 #2Notes: Rank excludes imports. Oil & Gas production numbers considered instead of sales.Source: Wood Mackenzie, Indian Ministry of Petroleum and Natural Gas, IBIS, company sourcesIndia Operations: Domestic Sales as % of Total SalesFY201258%81%100%62%80%19%100%Zinc India- ZincZinc India- LeadSilver CopperIndiaAluminium Iron Ore Oil andGas#16% 5% 10% 8% 9% 10% 4%2010-25 India Consumption CAGR %Note: Consumption CAGR over 2010-25 for base metals as per Wood-Mackenzie estimates.For Iron Ore, steel consumption CAGR over FY2012-17 as per Ministry of Steel, India considered.Silver consumption growth rate over 2012-2025 as per Ministry of Mines, India.Oil & Gas consumption growth rate over 2008-2035 as per EIA.
  16. 16. India AfricaOperationsLargest diversified resources major in IndiaLargest producer of Aluminium, Copper,Zinc, Lead, Silver2nd largest crude oil producerLargest zinc producer in AfricaAmong top 3 copper producersLarge iron ore assets in LiberiaOverseas CapitalInvestedc.$12.5bn across various segments$2.5bn in ZambiaTwo large projects – Liberia iron ore andGamsberg zinc depositContribution toExchequerAmong the largest: c.$4.8bn in proformaFY2012 (incl $2.8bn by Cairn India)Largest in ZambiaContribution toSocietyCommunity programmes benefiting 2.8mnpeople across 1006 villagesCommunity programmes benefiting150,000 people across 3 countriesEmployees Largest employer in several states Largest private-sector employer in ZambiaStrong Presence in India and Africa16FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
  17. 17. Business and OperationsM.S. MehtaChief Executive Officer
  18. 18. FY2004Ancd 1mtalumina refineryproject at VALDelivering Growth18FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Pre-IPO1997: CmdTuticorin smelter1999: AcqAustralia Cu mines2001 – Acq BALCO2002- Acq HZLPre-IPOFY2005Acq KCMKDMP projectlaunchedFY2005FY2004FY2006Cmd 170kt Zn and50kt Pb smelter,154MW CPPExp Tuticorinsmelter to 300ktFY2006FY2007Acq Sesa GoaCmd 245kt Al smelter and 540MW CPP at BALCODbn Tuticorin smelter to 400ktFY2007FY2008Cmd 170kt ZnsmelterCmd 80MW CPP atChanderiyaFY2008FY2010Acq VS DempoCmd KDMP Mid-shaft loadingCmd 210kt Zn smelterExp RA mine to 6mtFY2010FY2011Acq Zinc IntlCmd 1.5mt mill atsilver-rich SK mineCmd 2,400 MWJharsuguda powerFY2011FY2012Group StructureSimplification ancdAcq Cairn IndiaAcq Liberia iron ore assetsCmd 350t Ag refineryCmd 100kt Dariba PbsmelterCmd 7.5mt Nchanga EastmillDbn TLP to 75ktCmd 2nd Co furnaceExp 274MW wind powerFY2012FY2009Exp RA mine to 5mtCmd 311kt Nchangasmelter, 6mt KonkolaConcentratorFirst metal at 500kt VALJharsuguda aluminiumsmelterFY2009Abbreviations:Dbn: DebottleneckedExp: ExpandedCmd: CommissionedAncd: AnnouncedAcq: AcquiredColor KeyGroupZinc-LeadCopperAluminiumPowerIron OreOil and GasVedanta IPO
  19. 19. Aluminium16%Copper29%Zinc India55%EBITDA: $323mnAluminium3%Copper13%Zinc India23%Zinc-Int.7%Iron Ore14%Oil & Gas38%Power2%Continued Growth and DiversificationFY2004(IPO)Aluminium7%Copper19%Zinc India34%Zinc-Int.3%Iron Ore33%Power4%EBITDA: $3.6 bnFY2011+10xProforma FY2012with Cairn India for Full YearEBITDA: $5.4bn+16xFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 19
  20. 20. AchievedRajasthan block producing at c.175kbopd− 7.3bn boe of estimated gross in-place resourcesExploration success ratio c.50%− FY2012 R&R replacement ratio of 175%− Exploration success at Sri Lanka, KG BasinFocusRajasthan Block Ramp-up1− Pipeline debottlenecking and augmentation− Development - Bhagyam, Aishwariya; EOR pilot− 300kbopd basin production potentialExploration – 10 blocks in diverse basinsSouth Africa JV: c.20,000 sq km in geologicallyproven basin2Oil and GasFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 20Notes. 1. Subject to approvals2. Closure of transaction is subject to South African regulatory approvalsSignificantpart of240,0001in CY2013Primarilyfrom MBAAishwariyatowardsend FY2013300,0001BasinPotentialBarmer HillFurtherexplorationc.175,000CurrentlyMangalac.150kbopdBhagyamupto40kbopd125,000 atAcquisitioncompletionMangala125kbopdRajasthan Gross Production (bopd)
  21. 21. 01,0002,0003,0004,0005,000ZnCompositecost-c1cashcost($/t)Cumulative Production (Percentile)AchievedOrganic growth: 1mtpa zinc-lead, 16moz silverSustained lowest quartile cost position25+year mine life with 10%+ gradesFocusOperational efficiency and capacity utilization− Significant near term upside in silver and leadContinue to add more R&R than depletion at existingminesAdditionally, large-scale exploration across Indiacovering over 20,000 sq kmFeasibility study underway for next leg of growthZinc IndiaFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 2105001,0001,5002,0002,5003,0003,5004,00001002003004005006007008009001000FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12Zinc-Lead Metal Production (kt)Zinc reported COP excluding royalty ($/t)Zinc LME ($/t)Operating Performance$/tktHZL($ 342/t)1Source: Wood-Mackenzie for Zinc C1 cost curve;1 Zinc India FY2012 COP of $342/t calculated as per Wood-Mackenzie methodology. Zinc Indiaremains in the First Quartile based on reported FY2012 COP of $834/t, which does not considercredits for silver and lead.Refined Zinc – Lowest Quartile Cost Position25% 50% 75%
  22. 22. AchievedBusiness acquired in FY2011, stable operatingperformanceR&R: Mine life extended at all three assetsFocusFurther mine life extension at existing operationsGamsberg project (186mt)− 20 year mine life at 400ktpa zinc production− Feasibility study to complete in current quarter− Targeting production in 2 yearsZinc InternationalFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 22Source: Wood-Mackenzie2012e Production (kt)7101681644000 500 1000Rampura-AguchaRed DogCenturyMount Isa Pb/ZnSan CristobalAntaminaBrunswickMcArthur RiverTaraPenasquitoVazanteLanpingLisheenSkorpionGamsberg…25+20+Mine Life
  23. 23. AchievedSignificant expansion since acquisitionSustained lowest quartile cost positionR&R: 68mt net addition in FY2012− 374mt total R&R, implying 18+ year mine life1Liberia iron ore assets acquired:− Aeromagnetic study and initial drilling indicatessignificant upside to the resource base estimateof 1bn tonnesFocusIndia− Goa: Expanding roads and developing newcorridors to mitigate logistics bottlenecks− Karnataka: Process underway to resume miningLiberia− First shipment in FY2014Iron OreFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 23Vedanta Liberia Iron OreAsset Type R&RMano River Brownfield 80 mtBea Mountain Greenfield 923 mtBomi Hills Brownfield 50 mtDistancekey(km)Bomi HillsBea MountainMano RiverAsset Key0 50 100Western Cluster MinesOther Iron Ore MinesRailwayMajor RoadsVedantaPutu(Severstal)Bong(WuhanSteel)Mount Nimba(ArcelorMittal)LiberiaProposedSimandouRailwayBuchananGreenvilleDidaMonroviaRobertsportNote: 1. At capacity for current producing assets, subject to approvals; Does not include Liberia
  24. 24. AchievedOne of the most efficient copper smelters globally− Sustained lowest quartile cost positionValue addition into copper rods, c.50% in FY1298%+ copper recovery and efficient by-productmanagementFocusCommissioning of 160 MW CPP400kt smelter expansion1Copper India/AustraliaFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 24Notes. 1. Subject to approvalsSource: Wood-Mackenzie for Copper Smelting cash cost curve, FY2012 reported net COP forCopper IndiaLowest Quartile Cost Position0%25%50%75%100%0100200300400FY08 FY09 FY10 FY11 FY12Copper Production (kt) Cost Curve Percentile (RHS)Operating Performance-1001020304050Cusmeltingnetcashconversioncost(c/lb)Cumulative Production (Percentile)Copper India(0 c/lb)25% 50% 75%
  25. 25. AchievedKonkola shaft#4 sunk to final 1500m depth− Commissioned 2900level high speed tramming facilityincreasing mine development paceProjects commissioned in FY2012− 2nd Cobalt Recovery Furnace− 7.5mt Nchanga East Concentrator− TLP-IV debottlenecking to 75ktpaExploration: Maintained track record of R&R replacementFocus - FY2013 Priorities3mt West Mill to be commissioned in Q2FY2013Accelerate Konkola mine development pace to 60km/yearBottom shaft loading at KDMP by Q3− Platform for 25-30% annual growth in mined metalStart regular mining at Nchanga Upper Ore BodyCopper ZambiaFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 25Top 12 copper mines by Cu grade of resources (%)01002003000100200300400FY08 FY09 FY10 FY11 FY12 FY13e¹Copper Production (kt) Integrated COP (in c/lb, RHS)Operating Performance3.6%3.4%1.6%1.1%5.1%3.1%2.1%1.5%1.1%0.9%0.8%0.8%KOV, DRC (Katanga)Konkola, Zambia (Vedanta)Kamoto, DRC (Katanga)Tenke, DRC (Phelps, Tenke)Kananga, DRC (Katanga)Nchanga, Zambia (Vedanta)Tilwezembe, DRC (Katanga)Olympic Dam, Australia (BHPB)Escondida, Chile (BHPB, Rio)Chuquic-amata,Chile(Codelco)Collahuasi, Chile (Anglo, Falconbridge)Grasberg, Indonesia (Freeport)Underground mine Open pit mineSource: Raw Materials, CPR, company websitesNotes: 1. Production incudes FY2013 est. of 175kt integrated production and Q1FY2013 custom production annualized to 52kt; COP of Q1 FY2013.
  26. 26. 01,0002,0003,0000200400600800FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Q1FY13¹Aluminium Production (kt) CoP (in $/t, RHS)Operating PerformanceAluminium and PowerAchieved1mtpa Alumina capacity, 750kt Aluminium capacity with1800MW captive power− Higher volumes of value added products, 25% increasein FY2012− Aluminium costs in lower half of cost curve withoutcaptive bauxiteCommercial power: 2,770MW thermal and 275MW windFocusCommitted to an integrated Aluminium Strategy− Focus on securing Bauxite− BALCO 325kt smelter - First metal in Q3 FY2013− VAL 1.25mtpa smelter nearing completion and start-upunder reviewPower− Commence BALCO 1,200MW and Talwandi Sabo1,980MW power plants− 211mt Coal block at BALCO26FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Notes. 1. Q1 FY2013 annualizedAluminium - Lower Half Cost PositionSource: Wood-Mackenzie for Aluminium C1 cost curve, VAL and BALCO shown atreported costs in Q1 FY201301,0002,0003,000AlCompositecost-c1cashcost($/t)Cumulative Production (Percentile)Aluminium Smelter Costs (C1 Cash Cost Curve)VAL($ 1,845/t)125% 50% 75%BALCO($ 1,910/t)1
  27. 27. Strong Focus on Exploration27FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Added 3x timesmined out inFY2012Added 4.8x timesmined out since IPOR&R increased to332mt, from 144mtat Vedanta IPO25+year mine lifewith 10%+gradesZinc India Iron OreIndiaAdded net 68mt inFY2012, 18 yearmine life2R&R increased from190mt 3 atacquisition to374mt – added 3.4xtimes mined outLiberia1bn tonnes R&RAeromagnetic studyand 25,000+metresdrilling indicatesstrong potentialupsideR&R replacementratio of 1.75x inFY2012Rajasthan potentialresource increasedto 7.3bn boe grossin place from 6.5bnboeExploration successat Sri Lanka andNagayalanka17 year R&R lifeOil & GasCopper-ZambiaR&R increased to689mt from 457mtat acquisition24+ year mine lifewith high grade atKDMPAdded mine life atall three assetsCurrent mine life:− Skorpion:5+years1− BMM: 10+years− Lisheen: 3years186mt Gamsbergdeposit feasibilitystudy underwayZinc-IntlNotes: 1. With some additional work for conversion of resources to reserves2. At capacity for current producing assets, subject to approvals3. 120mt excluding Orissa from Sesa Goa acquisition, and 70mt from Dempo acquisitionCreating Long Term Value through Exploration
  28. 28. FinancialsD.D. JalanChief Financial Officer
  29. 29. Track record of delivering strong margins− Driven by a diversified portfolio of high growth assets− Cairn India has contributed to the diversity and scale of cash flow generationSubstantially invested projects to drive free cash flowProgressive dividend policy, CAGR of 17% over the last 5 yearsFinancial Highlights$mn or as statedFY2012proforma withCairn FY2012 FY2011EBITDA 5,353 4,026 3,567EBITDA margin1 (%) 46.7% 40.6% 44.6%Underlying Attributable PAT2 571 387 715Underlying EPS($/share)2 2.09 1.42 2.63Free Cash Flow before Growth Capex 3,128 2,534 2,347Growth Capex3 2,728 2,398 2,517Total Dividend (USc/share) 55.0 52.5Notes: 1. Excludes custom smelting operations2. Based on profit for the year after adding back special items and other gains and losses, and their resultant tax and minority interest effects3. Excludes sustaining capexFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 29
  30. 30. 1.00.5 0.1 0.33.02.21.51.33.10.51.30.40.32.34.12.42.70.73.24.5FY2013 FY2014 FY2015 FY2016 FY2017³ FY2018 and laterDebt at VED plc Debt to be transferred from VED plc to Sesa Sterlite Debt at SubsidiariesStrong Financial ProfileCash and Liquid Investments of $6.9bn, with additional $2.9bn undrawn lines of creditFY2012 Proforma Net Debt:EBITDA including Cairn of 1.9x; Credit ratings of BB/Ba3/BB1FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Notes: All information as of 31 March 2012, except information on refinancing1. Issue credit Ratings as per S&P, Moody’s and Fitch respectively2. Debt numbers shown at face value3. Includes convertibles at Vedanta Plc of $883mm due in FY2017 (with a put option in April 2013) and $1,250mm due in FY2017 (with a put option in July 2014)Debt Maturity Profile ($bn)2$1.7bn - Bridge loan to be rolled over into long term facilities$0.7bn - Revolving working capital facility$0.4bn - Refinanced$0.3bn - To be repaid through internal cash flows30US$1bn maturities at plc in FY2013:$550mn refinanced to date
  31. 31. Group Simplification to Reduce Debt at plcPost group structure simplification, debt serviceliability at plc reduces by 61% to $3.9bnDebt service cost at Vedanta reduces from$500mn to $190mn in FY2013Payout-based dividend policies at subsidiaries toresult in significantly higher dividends to plc31FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Debt Service Liability at plc ($bn)9.8(3.1)3.9(2.8)0510Service LiabilityPre TransactionService LiabilityPostTransactionDebt transferred toSesa Sterlite;guarantee continuedby VedantaNote: Numbers as of 31 March 2012Intercompanyreceivable createdat Vedanta,from Sesa Sterlite
  32. 32. Sustainable DevelopmentTony HenshawChief Sustainability Officer
  33. 33. Sustainability ModelEmbed sustainable development into every aspect of what we doTo improve our health and safety performance for a safer, more secure and healthierenvironmentTo contribute further and in a more targeted way to local communitiesTo continue to manage and minimize our impact on air, water and landTo maintain a dialogue with stakeholders to help us further understand what is needed to helpsupport a sustainable society and planet33FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
  34. 34. Responsible Stewardship – Health & SafetyHealthInvesting in technologically advancedprocesses that reduce possibleexposure levels at work areaRegular medical check ups - Over87,000 medical examinations conductedin FY2012Monitoring and review of industrialhygiene parameters such as noiseexposure, illumination levels andmanual handlingFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 34Vedanta is committed to providing a safe, injury-free and healthy place to workSafetyGoal is to reach & sustain “Zero Harm”48% reduction in LTIFR in last fiveyearsFocused programme on elimination ofunsafe conditions across unitsExco sub-committee on sustainabilityformed - current focus is on safetyperformance134,000 man hours of safety trainingimparted last yearTargeting LTIFR less than 0.80 inFY2013 and less than 0.50 by FY20161.9 1.7 1.51.1 1.0FY 2008 FY 2009 FY 2010 FY 2011 FY 2012-48%LTIFR
  35. 35. Responsible Stewardship – EnvironmentWaterDoubled water recycling to 55.7MCM in FY201214.5MCM of rainwater harvested in FY2012EnergyEnergy saving target for FY2013 is 3.9mn GJ,equivalent to 120MW power stationClimate Change274MW wind power capacity61MW generated from waste heat16.2% decrease in GHG emissions (scope 1 & 2)per total revenueSolid WasteMore than 70% of non-hazardous wastegenerated is constructively utilisedExtensive research with best institutes in Indiato constructively utilize Jarofix and Red mudFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 35Vedanta is committed to mitigating the environmental impact of our activities
  36. 36. Adding and Sharing Value – Our CommunitiesCommunity programmes reaching 3.1 millionpeople in India and AfricaCommunity spend of US$38 million in FY2012Working in partnership with 149 NGO’s andacademic institutionsFocus areas– Child Care, Education, WomenEmpowerment, Sustainable Livelihood , HealthWater & Sanitation and Bio-InvestmentUS$4.8 billion1 total contribution to Indiangovernment exchequer in FY2012FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 36Working in partnership with our communities is an integral part of our strategy350 bed Cancer Research Hospital at Raipur- US$61mn investmentNotes. 1. On a proforma basis including incl $2.8bn by Cairn India for full year FY2012
  37. 37. Assurance – Scott WilsonVedanta sustainability framework of policies and technical standards completedThe framework has been reviewed independently for compliance with the IFC performancestandards, the ICMM guidelines and the UN Global CompactScott Wilson – 17 points closed, 6 points awaiting review for closure, 4 to be closed by the endof year− Final sign off by June 2013FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 37Formalizing our approach to international standards and best practices
  38. 38. .Please email us at :sustainability@vedanta.co.inFor more information visitwww.vedantaresources.com/sustainability/www.vedantaresources.comPlease write to us at :Vedanta Resources plc5th Floor, 16 Berkeley streetLondon W1J3DZVedanta Sustainable Development Report 2011-12FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 38
  39. 39. SummaryGlobal Diversified Natural Resources MajorWorld-class portfolio of large, structurally low-cost, scalable assets with long mine-lifeStrong financial profile supported by diversified cash flow growthDelivering industry-leading production growth driven by substantially invested projectsRecent acquisitions provide additional growth optionsFocus on additional resources to drive long-term valueGroup simplification on track for completion in CY 2012FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 39
  40. 40. Appendix
  41. 41. Our Operations41FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012IndiaCopper• CMTAustraliaIron ore• Liberia Iron OreAssetsLiberiaIrelandZinc-lead-silver• LisheenNamibiaZinc-lead-silver• SkorpionIron ore• Goa• KarnatakaZinc-lead-silver• Debari smelter• Chanderiya smelters• Rampura Agucha mine• Dariba mine, smelters• Zawar mine• Sindesar Khurd mineCopper• Tuticorincopper smelterAluminium• Lanjigarh aluminarefinery• Jharsuguda smelter• Korba smelter andpower plant• BALCO coal blockPower• Talwandi Sabo• Jharsuguda power• MALCO power plantSri LankaOil and Gas• Rajasthan• Cambay• Ravva• East Coast• West Coast• Sri LankaCopper• KCMZambiaZinc-lead-silver• Black Mountain• GamsbergSouth Africa Oil and Gas• Block-1Site visit covers Jharsuguda, Agucha, Dariba, Sindesar Khurd, Rajasthan O&G, Goa iron ore
  42. 42. Zinc-Lead-SilverIron oreOil & Gas Copper Aluminium PowerGamsberg - one ofthe largestundeveloped zincdeposits: 186mtat 6.9% grade1.98GW TalwandiSabo by FY2014BALCO 325ktpafirst metal in Q3FY2013BALCO 1200MWfirst unit sync byQ2 FY201336mtpa capacityexpansionLiberia project,shipment from 1stphase in FY20142013:c.240kbopd1from Rajasthan300kbopd1 basinpotentialIndia: 400ktpaexpansion1KCM ramping upto 400ktpaGrowth profile1.5mtpa,16moz silver+Gamsberg3.8GW,upto 8.6 GW(3.9GW commercial)740ktpa,upto 2.3mtpa21mtpa1+Liberia175kbopd,upto 300kbopd1India: 400ktpa,upto 800ktpa1Zambia upto 400ktpaCapacityGlobal Diversified Natural Resources MajorFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Notes: 1. Subject to approvalsWell Invested Asset Base driving Growth42India, Ireland,Namibia, SouthAfricaIndiaIndiaIndia, LiberiaIndia, Sri Lanka,South Africa1Zambia, India,AustraliaLargest integratedzinc-lead producerOne of the largestproducers in IndiaStrategically locatedlarge-scale assetsLargest Indianprivate iron oreproducer-exporterOne of India’s largestprivate crude oilproducersWorld class Zambianoperations, Indiancustom smelteramong lowest costsmelters globallyCountry and Positioning
  43. 43. HighlightsThree operating blocks− RJ current production at c.175 kbopd− Basin potential of 300 kbopd− Two mature blocks, effort ongoing to arrest the decline rateWorlds’ longest continuously heated and insulated pipeline10 blocks under exploration− Exploration success ratio c.50%R&R Life: 17 yearsQ1 FY 2012-13:− Average Daily Gross operated production at 206,963 boe− Cairn Working Interest production at 127,226 boeOil & Gas - Assets43FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Snapshot of AssetsOil and Assets – Gross 2p(i.e. Gross Proved and Probable)HydrocarbonsInitially In-place(mmboe)Reserves andResources(mmboe)Rajasthan Block (RJ) - MBA Fields 2,090 636Rajasthan Block (RJ) - MBA EOR - 308Rajasthan Block (RJ) - Other Fields 2,088 178Rajasthan Block (RJ) - Total 4,178 1,122Ravva Fields 690 70CBOS/2 Fields (in Cambay Basin) 182 13Other Fields 792 426Total 5,842 1,631# Producing Blocks; *Under Force Majeure; ** Farm in agreement signed on 16 August 2012, subject to South African regulatory approvalsWorking InterestBlockWorkingInterestRajasthanRJ-ON-90/1# 70 %East CoastKG-DWN-98/2 10 %KG-ONN-2003/1 49 %PKGM-1 (Ravva)# 22.5 %KG-OSN-2009/3* 100 %PR-OSN-2004/1* 35 %West CoastCB/OS-2# 40 %MB-DWN-2009/1* 100 %Sri LankaSL 2007-01-001 100 %South Africa (SA)Block 1** 60 %
  44. 44. Zinc India - AssetsHighlightsCapacity:− 1mtpa integrated zinc-lead− 16moz integrated silverHigh-grade mining assets300+mt R&R,− Supports long mine life of 25+yearsSmelters and refineries located inclose proximity to mines44FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Snapshot of AssetsMining AssetsReserves(mt)Resources(mt)ReserveGrade-ZnReserveGrade-PbCapacity- Ore(mtpa)Rampura Agucha Mine 69.3 41.1 13.7 % 1.9 % 6.2Sindesar Khurd Mine 21.6 59.8 4.5 % 2.7 % 2.0Rajpura Dariba Mine 8.8 43.5 6.3 % 1.7 % 0.9Zawar Mines 7.8 64.1 3.6 % 2.0 % 1.2Kayar Mines 1.8 9.5 12.6 % 1.8 % 1.0 *Bamnia Kalan Mines - 5.1 - - NATotal 109.3 223.1 10.6 % 2.0 % 10.3Other AssetsCapacity-RefinedZinc (kt)Capacity-Refined Lead(kt)Capacity-Silver (t)Capacity-CaptivePower (MW)CapacityTotal Zinc-Lead (kt)Chanderiya Smelting Complex 525 85 168 234 610Pyrometallurgical Lead Zinc Smelter 105 35 168 - 140Hydrometallurgical Zinc Smelter 420 - - - 420AusmeltTM Lead Smelter - 50 - - 50Dariba Smelting Complex 210 100 - 160 310Hydrometallurgical Zinc Smelter 210 - - - 210Lead Smelter - 100 - - 100Debari Smelter - HydrometallurgicalZinc Smelter88 - - - 88Pantnagar Silver Refinery - - 350 - -Zawar Mining Complex - - - 80 -Total 823 185 518 474 1,008Note: * Refers to 1mtpa Kayar mine project which is under development and is not considered in total capacity
  45. 45. Other Assets Capacity Zn (kt)Skorpion Integrated Zinc Refining1 150Zinc International - AssetsHighlightsCapacity: 150kt integrated zinc, 248kt zinc- lead mined metal270+mt R&R, supports long mine life: Skorpion : 5+ years1, Lisheen : 3 years, BMM – 10+ yearsGamsberg: Total resources of 186mt within 2 ore bodies− 154mt at Gamsberg North at 6.3% Zn− 32mt at Gamsberg East at 9.8% Zn− Potential to produce 400ktpa zinc at Gamsberg North− Implies a mine life of over 20 years45FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Snapshot of AssetsMining AssetsReserves(mt)Resources(mt)ReserveGrade-ZnReserveGrade-PbSkorpion Mine 6.5 2.6 9.7 % -Lisheen Mine 3.8 1.7 11.2 % 1.7 %Black Mountain Mine 8.2 63.8 2.5 % 2.8 %Gamsberg - 186.3 - -Notes: 1. With some additional work for conversion of resources to reserves
  46. 46. Iron Ore – India AssetsHighlightsCapacity:− Goa: 14.5mtpa− Karnataka: 2.3mtpa1374mt R&R− Supports long mine life of 18+years2Favorable logistics – Goa mineslocated in proximity to port46FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Snapshot of AssetsMining AssetsProved andProbableReserves (mt) Grade-FeMiningCapacity(mt)Target MiningCapacity (mt)Goa 132.5 55.1% 14.5 27.0Karnataka – A Narrain 34.2 57.1 % 2.31 9.0Total 166.7 55.5 % 16.8 36.0Other AssetsCapacity- PigIron(kt)Capacity-Metcoke(kt)Capacity-Power(MW)Amona 250 280 -Amona-expansion 375 280 30GEPL - - 30Total 625 560 601. CEC approved provisional capacity of 2.29 mt2. At capacity for current producing assets, subject to approvalsGoaKarnataka
  47. 47. Iron Ore – Liberia AssetsWest Africa – the next Major Iron Ore hub34bn tonnes of Iron Ore resources identified in WestAfricaPotential to develop into a 100mtpa Iron Oreexporting regionEntry into Liberia51% stake acquired in WCL Liberia1bn tonnes R&R across 3 deposits, close to coast2 existing piers and stacking area at portFavourable logistics - 70-140km from port, lowestamongst other players47FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Vedanta Liberia Iron OreAsset Type R&RMano River Brownfield 80 mtBea Mountain Greenfield 923 mtBomi Hills Brownfield 50 mtDistance key(km)Bomi HillsBea MountainMano RiverAsset Key0 50 100Western Cluster MinesOther Iron Ore MinesRailwayMajor RoadsVedantaPutu(Severstal)Bong(WuhanSteel)Mount Nimba(ArcelorMittal)LiberiaProposedSimandouRailwayBuchananGreenvilleDidaMonroviaRobertsport
  48. 48. Copper- India/Australia - AssetsHighlightsOne of the lowest-cost custom smelters globallyStable volume and cost performance48FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Other AssetsCopperAnode(kt)CopperCathode(kt)Rod(kt)SulphuricAcid (kt)PhosphoricAcid (kt)CaptivePower(MW)Tuticorin Copper Smelter 405 205 96 1,300 230 47Silvassa Copper Refinery - 200 172 - - -Fujairah - - 100 - - -Total 405 405 368 1,300 230 47Snapshot of AssetsMining AssetsReserves(mt)ReserveGrade-CuResources(mt)ResourcesGrade-CuMt. Lyell (CMT) 6.0 1.23 % 31.5 1.11 %
  49. 49. Copper- Zambia - AssetsHighlightsKonkola - one of the largesthigh-grade copper mines with3%+ gradeWell-invested assets: smelter,concentrators, refinery49FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Snapshot of AssetsMining AssetsReserves(mt)ReserveGrade-CuResources(mt)ResourcesGrade-CuCapacity-Ore (mtpa)KCM (Konkola, Nchanga,etc)369.9 1.63 % 319.0 2.38 % 7.5Other AssetsCapacity-CopperConc.(mt)Capacity-CopperAnode(kt)Capacity-CopperCathode(kt)Capacity-AcidCapacity-PyritesNchanga 7.5 311 75 585 -Concentrator 7.5 - - - -Smelter - 311 - 585 -Tailings Leach Plant - - 75 - -Konkola 6.0 - - - -Concentrator 6.0 - - - -Nkana - Refinery - - 300 - -Nampundwe - Pyrites - - - - 60Total Smelting andRefining13.5 311 375 585 60
  50. 50. Aluminium - AssetsHighlights2.3mt integrated AluminiumProximity to coal and bauxiteCompetitive cost position – Secondquartile50FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Snapshot of AssetsMining AssetsReserves(mt)ReserveGrade-AlResources(mt)BALCO 7.2 46.4% 30.7Mainpat 3.4 46.1 % 5.0Bodai- Daldalli 3.8 46.6 % 2.0Pandrapat - - 8.0Jamirapat - - 15.7Other AssetsCapacityAlumina (kt)CapacityAluminium(kt)CapacityCaptivePower (MW)CapacityCommercialPower (MW)BalcoSmelter - 245 540IPP - - 270Expansions - 325 600 600VALAlumina Refinery 1,000 - 90Smelter - 500 1,215Expansions 4,000 1,250 210Total Current Capacity 1,000 745 1,845 270Total Capacity 5,000 2,320 2,655 870
  51. 51. Power - AssetsHighlightsSingle location 2,400 MW power plantProven execution skills with experience in building &operating large power projectsProximity to coal51FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012HZL-WPP (not shown on map) includes wind power plantsat Rajasthan (89MW), Gujarat (89MW), Maharashtra(26MW), Karnataka (49MW) and Tamil Nadu (21MW)Snapshot of AssetsPower PlantsCapacity(MW)Malco 100HZL – WPP 274SEL 2,400
  52. 52. Entity-Wise Cash and Debt DetailsFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Net Debt Summary ($mn)31 Mar 2011 30 Sep 2011 31 Mar 2012Company Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt Debt Cash & LI1 Net DebtVedanta plc24,557 265 4,292 6,340 1,136 5,204 9,263 205 9,058Sterlite standalone incl. CMT 746 1,139 (394) 636 771 (135) 565 758 (193)Zinc India - 3,403 (3,403) - 3,384 (3,384) - 3,574 (3,574)Zinc International 32 392 (360) 28 306 (278) 9 215 (206)BALCO 518 68 451 618 26 592 711 49 662Sterlite Energy Ltd 597 92 505 910 15 895 1,175 37 1,138Others 24 27 (4) 52 - 52 53 1 51Sterlite Consolidated 1,917 5,122 (3,205) 2,244 4,501 (2,258) 2,511 4,633 (2,122)Vedanta Aluminium Ltd 2,810 115 2,695 2,825 15 2,810 3,505 85 3,420Copper Zambia 256 6 250 765 - 765 750 42 709Sesa Goa 212 2,194 (1,982) 867 220 648 681 118 564MALCO - 74 (74) 16 17 (1) - 6 (6)Cairn India - - - - - - 244 1,797 (1,553)Total (in $mn) 9,753 7,777 1,9703 13,056 5,889 7,166416,955 6,885 10,0645Note: 1. Liquid Investments2. Includes Investment Companies3. Includes $5 million debt related derivative4. Includes $2 million debt related derivative5. Includes $6 million debt related derivative52
  53. 53. Credit MetricsFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012FY2011 FY2012 CovenantNet Debt/EBITDA 0.55 x 1.9 x < 2.75 xEBITDA/Gross Interest Expense1 5.0 x 4.5 x > 4.0 xTangible Net Worth ($bn) 5.5 4.5 > 3.0Net Assets/Debt 2.61 x 2.47 x > 1.75 xGearing2 13% 35%Note: 1. Interest includes Capitalized Interest2. Gearing is calculated as Net Debt divided by the sum of Net Debt and Equity53
  54. 54. Group Structure Simplification StatusFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Status Event ExpectedBSE and NSE approval sought Mar 2012Competition Commission approval sought Mar 2012Foreign Investment Promotion Board approval sought Mar 2012BSE and NSE approval received Apr 2012Competition Commission approval received Apr 2012Application to High Court in India and Supreme Court of Mauritius Apr 2012Scheme documents posted to shareholders May 2012Vedanta / Sesa / Sterlite / MALCO EGM Jun 2012Foreign Investment Promotion Board approval Jun 2012Supreme Court of Mauritius approval Sep 2012High Courts of India approval / Transaction completion CY 201254Group Structure Simplification on Track
  55. 55. Proposed New Group StructureFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012KonkolaCopperMines (KCM)58.3%Vedanta Resources100%64.9%Zinc India(HZL)AustralianCopperMinesSesa SterliteCairn India58.8%79.4%Subsidiaries of Sesa SterliteIron Ore (Sesa Goa)Copper Smelting (Tuticorin)Power (2,400MW Jharsuguda)Aluminium (VAL aluminiumassets)Divisions of Sesa SterliteOption toincrease staketo 94.4%Unlisted entitiesListed entitiesNote: Shareholding based on basic shares outstandingTalwandiSabo Power(1,980MW)100%VAL Powerand MALCOPower(1,405MW)100%Skorpion &Lisheen -100%BMM -74%100%ZincInternational51%BharatAluminium(BALCO)Option toincrease staketo 100%51%WesternCluster(Liberia)Option toincrease staketo 100%55
  56. 56. Vedanta Group StructureFY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012Zinc IndiaCopperAluminium Iron ore PowerKEYKonkolaCopperMines (KCM)54.6%Vedanta Resources(Listed on LSE)MadrasAluminium(MALCO)94.8%51.0% 100%64.9%70.5%29.5%Zinc India(HZL)(Listed on BSEand NSE)AustralianCopper MinesBharatAluminium(BALCO)Sterlite Energy100%Sterlite Industries(Listed on BSE,NSE and NYSE)VedantaAluminium(VAL)79.4%Sesa Goa(Listed on BSEand NSE)55.1%3.6%51%Skorpion andLisheenBlackMountain100% 74%Zinc InternationalCairn India Ltd(Listed on BSEand NSE)38.7%20.1%LiberiaIron Ore AssetsOil & GasZinc InternationalNote: Structure as at 31 March 201256

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