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VEDANTA RESOURCES PLC
India Operations Site Visit:
Corporate Presentation
24 SEPTEMBER 2012
Cautionary Statement and Disclaimer
The views expressed here may contain information derived from publicly available sources that have not been
independently verified.
No representation or warranty is made as to the accuracy, completeness, reasonableness or reliability of this
information. Any forward looking information in this presentation including, without limitation, any tables, charts
and/or graphs, has been prepared on the basis of a number of assumptions which may prove to be incorrect. This
presentation 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. In
this 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, uncertainties
arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future integration of acquired businesses; and from
numerous 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 future
results to be materially different that those expressed in our forward-looking statements. We do not undertake to
update our forward-looking statements.
This presentation is not intended, and does not, constitute or form part of any offer, invitation or the solicitation of
an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities in Vedanta or any
of its subsidiary undertakings or any other invitation or inducement to engage in investment activities, nor shall
this presentation (or any part of it) nor the fact of its distribution form the basis of, or be relied on in connection
with, any contract or investment decision.
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 2
Agenda
3FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Overview Navin Agarwal, Deputy Executive Chairman
Vedanta Market Positioning
Business and OperationsM.S. Mehta, Chief Executive Officer
Financials D.D. Jalan, Chief Financial Officer
Sustainable Development Tony Henshaw, Chief Sustainability Officer
Site Visit Itinerary
Tuesday - 25 September
1. Jharsuguda Aluminium
and Power plants
Wednesday - 26 September
2. Rampura Agucha mine
Dariba smelters
Sindesar Khurd mine
Thursday - 27 September
3. Rajasthan (Mangala)
oil fields
Friday - 28 September
4. Goa Iron ore mines
4FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
India Operations Site Visit
Iron Ore• Goa
Zinc-Lead-Silver• Rampura Agucha mine• Dariba smelters• Sindesar Khurd mine
Aluminium• Jharsuguda smelter
Power• Jharsuguda power
Oil & Gas• Rajasthan
Mumbai
S.K. RoongtaCEO, Aluminium and Power
11
22
33
44
P. ElangoInterim CEO, Cairn IndiaOil & Gas Goa
Jharsuguda
Agucha, Dariba, Sindesar Khurd
Barmer
Akhilesh JoshiCEO, Hindustan ZincZinc India
P. K. MukherjeeCEO, Sesa Goa Iron Ore
Overview
Navin Agarwal
Deputy Executive Chairman
Highlights
Vedanta: A Global Diversified Natural Resources Major
� World-class portfolio of large, structurally low-cost, scalable assets with long life of R&R
� Strong financial profile supported by diversified cash flow growth
� Delivering industry-leading production growth driven by substantially invested projects
� Recent acquisitions provide additional growth options
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 6
323
5,353
FY2004 FY2012 proforma
EBITDA (US$mn)
+42% CAGR
Free Cash Flow (US$mn)
335
3,128
FY2004 FY2012proforma
+32% CAGR
Underlying EPS (USc/share)
27
209
FY2004 FY2012proforma
+29% CAGR
Note: FY2012 numbers are proforma with Cairn India for full year
Strategic Priorities
� Deliver industry-leading production growth across our portfolio
� Continue to add reserves and resources to drive long-term value
� Complete the simplification of the Group structure
� Minority buyouts at HZL and BALCO
� Reduce gearing from free cash flow
7FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Growth and Long-Term Value Creation with a Focus on Sustainability
Optimising Group Structure
Restructuring on track for completion in CY2012
� Consolidates and simplifies group structure,
eliminates cross-holdings
� Financial 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 flows
� Reduces Debt service liability at plc by 61% to
$3.9bn
Minority Buyouts
� Buyout of government stake in HZL and BALCO
remains a priority
8FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Konkola Copper Mines
Vedanta Resources
Power
Sesa Sterlite
Alumi-nium
Oil & Gas
Zinc-
Lead-
Silver
CopperIron Ore
�HZL
�Zinc Int’l
�Sesa Goa
�WCL
�Cairn
India
�Tuticorin
�CMT
�BALCO
�VAL
�Talwandi
Sabo
� Jharsuguda
�BALCO
�MALCO
58.3%79.4%
Note: Shareholding based on basic shares outstanding
Tier-1 Diversified Asset Portfolio
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
FY2012 Production
Target Capacity R&R Life1 Sustainable Cost Position2
830kt 1mtpa 25+ Lowest Quartile
444kt 400ktpa 20+3
Lower Half
7.8moz 16mozpa 25+ By-product
173kboepd 260kboepd4
17 Lowest Quartile
13.8mt 20.5mtpa4
18 5
Lowest Quartile
200kt 400ktpa 24+6
Lower Half
675kt 2.3mtpaCurrently Lower Half; LowestQuartile with Captive Bauxite
Zinc India
Zinc Intl.
Silver
Iron Ore5
Copper Zambia
Aluminium
Note: 1. At capacity
2. Cost position for base metals from Wood-Mackenzie, Iron ore from Metalytics ,and Oil & Gas from Company Study
3. Includes Gamsberg
4. For current producing assets, subject to approvals
5. Does not include Liberia
6. Mine life of Konkola Deeps
Large, Low-Cost, Long-Life, Scalable Assets
Oil & Gas
9
A Global Diversified Natural Resources Major
10FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
FY12/CY11 EBITDA ($bn)
PE Multiple
BHP Billiton 33.7 9.9
Vale 33.8 5.8
Rio Tinto 28.5 7.8
Anglo American 13.3 9.7
Xstrata 11.6 11.2
Teck 5.5 9.6
Vedanta 5.3 5.0
ENRC 3.4 6.9
Top Global Diversified Natural Resources Companies
38%
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 ore¹
Copper Base metals² Coal
Aluminium Ferroalloys Other
Scale and Diversification
Source: 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.
Strong and Consistent Profitability
11FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Notes: 1. Excludes copper custom smelting operations
2. 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%Group
Aluminium
Copper Zambia
Power
Copper Australia
Zinc- International
Iron Ore
Zinc- India
Oil & Gas²
1
FY2012 EBITDA Margins by Segment
33% 33%
41%
59%
55%
35%
43%45%
41%
1,636
3,756
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
Group EBITDA margin¹ Average LMEX
Consistent Profit Margins
Profitability driven by Asset Quality and Diversification
18%
31%
18%
9%
2%
3%
10%
4%
Share of EBITDA
1.8
2.3
3.1
3.7
2.52.2
1.51.7
1.3
0.5
-
FY2010 FY2011 Proforma FY2012
FY2013e FY2014e FY2015e
Free Cash Flow¹ Capex-ex-Cairn Capex-Cairn²
Notes: 1. Free cash flow after Sustaining Capex but before Growth Capex
2. 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 FY2012
Free Cash Flow at an Inflection Point
Well-Invested Capex Driving Near-Term Growth
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Cash Flow and Growth Capex Profile - $bn
12
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015
Zinc-Lead Silver Iron Ore Copper
Aluminium Power Oil & Gas
Year-end Capacity (in Copper Equivalent kt)3
1.6
0.4
Vedanta Market Positioning
M.S. Mehta
Chief Executive Officer
Resourcing India
India
� Strong demographics and urbanization driving metal
consumption growth
� Abundant reserves to support further domestic
production
� Vedanta uniquely positioned as domestic suppluer of
key commodities
14FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Note: Source: Wood Mackenzie for metal consumption
1. 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%
0.3
0.5
1.0
2.0
4.1
8.2
16.4
2005 2010 2015 2020 2025 2030
Annual demand in mntonnes
(logari
thm
ic s
cale
)
Zinc Consumption Estimates – India and China
41%
53%
4%
7%
1
10
100
2005 2010 2015 2020 2025 2030
Aluminium Consumption Estimates – India and China
Annual demand in mntonnes
(logari
thm
ic s
cale
)
Size of bubble indicates % of world consumption
Size of bubble indicates % of world consumption
R&R and Consumption: India and World
3,305
2,004
Bauxite R&R (mt) Al Consumption
2012e (kt)
31
634
Zinc R&R (mt) Zn Consumption
2012e (kt)
Proximity to Rapidly Growing Markets
15FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
India48%
China20%
Other Far East and Asia
11%
Middle East and Africa
9%
Rest of the World12%
Vedanta Revenues by GeographyFY2012
82%
30%
6%
39%
33%
5%
Zinc Lead Silver Copper Aluminium Oil
Strong Market Positioning in IndiaFY2012 India Market Shares
#1 #1 #1 #1 #2
Notes: Rank excludes imports. Oil & Gas production numbers considered instead of sales.
Source: Wood Mackenzie, Indian Ministry of Petroleum and Natural Gas, IBIS, company sources
India Operations: Domestic Sales as % of Total SalesFY2012
58%
81%
100%
62%
80%
19%
100%
Zinc India - Zinc
Zinc India - Lead
Silver Copper India
Aluminium Iron Ore Oil and Gas
#1
6% 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.
India Africa
Operations
� Largest diversified resources major in India
� Largest producer of Aluminium, Copper,
Zinc, Lead, Silver
� 2nd largest crude oil producer
� Largest zinc producer in Africa
� Among top 3 copper producers
� Large iron ore assets in Liberia
Overseas Capital
Invested� c.$12.5bn across various segments
� $2.5bn in Zambia
� Two large projects – Liberia iron ore and
Gamsberg zinc deposit
Contribution to
Exchequer
� Among the largest: c.$4.8bn in proforma
FY2012 (incl $2.8bn by Cairn India)� Largest in Zambia
Contribution to
Society
� Community programmes benefiting 2.8mn
people across 1006 villages
� Community programmes benefiting
150,000 people across 3 countries
Employees � Largest employer in several states � Largest private-sector employer in Zambia
Strong Presence in India and Africa
16FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Business and Operations
M.S. Mehta
Chief Executive Officer
FY2004
� Ancd 1mt
alumina refinery
project at VAL
Delivering Growth
18FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Pre-IPO
� 1997: Cmd
Tuticorin smelter
� 1999: Acq
Australia Cu mines
� 2001 – Acq BALCO
� 2002- Acq HZL
Pre-IPO
FY2005
� Acq KCM
� KDMP project
launched
FY 2005
FY 2004
FY2006
� Cmd 170kt Zn and
50kt Pb smelter,
154MW CPP
� Exp Tuticorin
smelter to 300kt
FY 2006
FY2007
� Acq Sesa Goa
� Cmd 245kt Al smelter and 540
MW CPP at BALCO
� Dbn Tuticorin smelter to 400kt
FY 2007
FY2008
� Cmd 170kt Zn
smelter
� Cmd 80MW CPP at
Chanderiya
FY 2008
FY2010
� Acq VS Dempo
� Cmd KDMP Mid-shaft loading
� Cmd 210kt Zn smelter
� Exp RA mine to 6mt
FY 2010
FY2011
� Acq Zinc Intl
� Cmd 1.5mt mill at
silver-rich SK mine
� Cmd 2,400 MW
Jharsuguda power
FY 2011
FY2012
� Group Structure
Simplification ancd
� Acq Cairn India
� Acq Liberia iron ore assets
� Cmd 350t Ag refinery
� Cmd 100kt Dariba Pb
smelter
� Cmd 7.5mt Nchanga East
mill
� Dbn TLP to 75kt
� Cmd 2nd Co furnace
� Exp 274MW wind power
FY 2012
FY2009
� Exp RA mine to 5mt
� Cmd 311kt Nchanga
smelter, 6mt Konkola
Concentrator
� First metal at 500kt VAL
Jharsuguda aluminium
smelter
FY 2009
Abbreviations:Dbn: DebottleneckedExp: ExpandedCmd: CommissionedAncd: AnnouncedAcq: Acquired
Color KeyGroupZinc-LeadCopperAluminiumPowerIron OreOil and Gas
Vedanta IPO
Aluminium16%
Copper29%
Zinc India55%
EBITDA: $323mn
Aluminium3%
Copper13%
Zinc India23%
Zinc-Int.7%
Iron Ore14%
Oil & Gas38%
Power2%
Continued Growth and Diversification
FY2004 (IPO)
Aluminium7%
Copper19%
Zinc India34%
Zinc-Int.3%
Iron Ore33%
Power4%
EBITDA: $3.6 bn
FY2011
+10x
Proforma FY2012 with Cairn India for Full Year
EBITDA: $5.4bn
+16x
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 19
Achieved
� Rajasthan block producing at c.175kbopd
− 7.3bn boe of estimated gross in-place resources
� Exploration success ratio c.50%
− FY2012 R&R replacement ratio of 175%
− Exploration success at Sri Lanka, KG Basin
Focus
� Rajasthan Block Ramp-up1
− Pipeline debottlenecking and augmentation
− Development - Bhagyam, Aishwariya; EOR pilot
− 300kbopd basin production potential
� Exploration – 10 blocks in diverse basins
� South Africa JV: c.20,000 sq km in geologically
proven basin2
Oil and Gas
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 20
Notes. 1. Subject to approvals
2. Closure of transaction is subject to South African regulatory approvals
Significant
part of
240,0001
in CY2013
Primarily
from MBA
Aishwariya
towards
end FY2013
300,0001
Basin
Potential
Barmer Hill
Further
explorationc.175,000
Currently
Mangala
c.150kbopd
Bhagyam
upto
40kbopd
125,000 at
Acquisition
completion
Mangala
125kbopd
Rajasthan Gross Production (bopd)
0
1,000
2,000
3,000
4,000
5,000
Zn Composite cost -c1 cash
cost ($/t)
Cumulative Production (Percentile)
Achieved
� Organic growth: 1mtpa zinc-lead, 16moz silver
� Sustained lowest quartile cost position
� 25+year mine life with 10%+ grades
Focus
� Operational efficiency and capacity utilization
− Significant near term upside in silver and lead
� Continue to add more R&R than depletion at existing
mines
� Additionally, large-scale exploration across India
covering over 20,000 sq km
� Feasibility study underway for next leg of growth
Zinc India
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 21
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
0
100
200
300
400
500
600
700
800
900
1000
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12
Zinc-Lead Metal Production (kt)Zinc reported COP excluding royalty ($/t)Zinc LME ($/t)
Operating Performance
$/tkt
HZL($ 342/t)1
Source: Wood-Mackenzie for Zinc C1 cost curve;
1 Zinc India FY2012 COP of $342/t calculated as per Wood-Mackenzie methodology. Zinc India remains in the First Quartile based on reported FY2012 COP of $834/t, which does not consider credits for silver and lead.
Refined Zinc – Lowest Quartile Cost Position
25% 50% 75%
Achieved
� Business acquired in FY2011, stable operating
performance
� R&R: Mine life extended at all three assets
Focus
� Further mine life extension at existing operations
� Gamsberg project (186mt)
− 20 year mine life at 400ktpa zinc production
− Feasibility study to complete in current quarter
− Targeting production in 2 years
Zinc International
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 22
Source: Wood-Mackenzie
2012e Production (kt)
710
168
164
400
0 500 1000
Rampura-Agucha
Red Dog
Century
Mount Isa Pb/Zn
San Cristobal
Antamina
Brunswick
McArthur River
Tara
Penasquito
Vazante
Lanping
Lisheen
Skorpion
Gamsberg …
25+
20+
Mine Life
Achieved
� Significant expansion since acquisition
� Sustained lowest quartile cost position
� R&R: 68mt net addition in FY2012
− 374mt total R&R, implying 18+ year mine life1
� Liberia iron ore assets acquired:
− Aeromagnetic study and initial drilling indicates
significant upside to the resource base estimate
of 1bn tonnes
Focus
� India
− Goa: Expanding roads and developing new
corridors to mitigate logistics bottlenecks
− Karnataka: Process underway to resume mining
� Liberia
− First shipment in FY2014
Iron Ore
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 23
Vedanta Liberia Iron Ore
Asset Type R&R
Mano River Brownfield 80 mt
Bea Mountain Greenfield 923 mt
Bomi Hills Brownfield 50 mt
Distance key(km)
Bomi Hills
Bea MountainMano River
Asset Key
0 50 100
Western Cluster MinesOther Iron Ore MinesRailwayMajor Roads
Vedanta
Putu(Severstal)
Bong(Wuhan
Steel)
Mount Nimba(ArcelorMittal)
Liberia
Proposed SimandouRailway
Buchanan
Greenville
Dida
Monrovia
Robertsport
Note: 1. At capacity for current producing assets, subject to approvals; Does not include Liberia
Achieved
� One of the most efficient copper smelters globally
− Sustained lowest quartile cost position
� Value addition into copper rods, c.50% in FY12
� 98%+ copper recovery and efficient by-product
management
Focus
� Commissioning of 160 MW CPP
� 400kt smelter expansion1
Copper India/Australia
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 24
Notes. 1. Subject to approvals
Source: Wood-Mackenzie for Copper Smelting cash cost curve, FY2012 reported net COP for Copper India
Lowest Quartile Cost Position
0%
25%
50%
75%
100%
0
100
200
300
400
FY08 FY09 FY10 FY11 FY12
Copper Production (kt) Cost Curve Percentile (RHS)
Operating Performance
-10
0
10
20
30
40
50
Cu smelting net cash conversion cost
(c/lb)
Cumulative Production (Percentile)
Copper India(0 c/lb)
25% 50% 75%
Achieved
� Konkola shaft#4 sunk to final 1500m depth
− Commissioned 2900level high speed tramming facility
increasing mine development pace
� Projects commissioned in FY2012
− 2nd Cobalt Recovery Furnace
− 7.5mt Nchanga East Concentrator
− TLP-IV debottlenecking to 75ktpa
� Exploration: Maintained track record of R&R replacement
Focus - FY2013 Priorities
� 3mt West Mill to be commissioned in Q2FY2013
� Accelerate Konkola mine development pace to 60km/year
� Bottom shaft loading at KDMP by Q3
− Platform for 25-30% annual growth in mined metal
� Start regular mining at Nchanga Upper Ore Body
Copper Zambia
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 25
Top 12 copper mines by Cu grade of resources (%)
0
100
200
300
0
100
200
300
400
FY08 FY09 FY10 FY11 FY12 FY13e¹
Copper Production (kt) Integrated COP (in c/lb, RHS)
Operating Performance
3.6%
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 mine
Source: Raw Materials, CPR, company websites
Notes: 1. Production incudes FY2013 est. of 175kt integrated production and Q1 FY2013 custom production annualized to 52kt; COP of Q1 FY2013.
0
1,000
2,000
3,000
0
200
400
600
800
FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 Q1 FY13¹
Aluminium Production (kt) CoP (in $/t, RHS)
Operating Performance
Aluminium and Power
Achieved
� 1mtpa Alumina capacity, 750kt Aluminium capacity with
1800MW captive power
− Higher volumes of value added products, 25% increase
in FY2012
− Aluminium costs in lower half of cost curve without
captive bauxite
� Commercial power: 2,770MW thermal and 275MW wind
Focus
� Committed to an integrated Aluminium Strategy
− Focus on securing Bauxite
− BALCO 325kt smelter - First metal in Q3 FY2013
− VAL 1.25mtpa smelter nearing completion and start-up
under review
� Power
− Commence BALCO 1,200MW and Talwandi Sabo
1,980MW power plants
− 211mt Coal block at BALCO
26FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Notes. 1. Q1 FY2013 annualized
Aluminium - Lower Half Cost Position
Source: Wood-Mackenzie for Aluminium C1 cost curve, VAL and BALCO shown at
reported costs in Q1 FY2013
0
1,000
2,000
3,000
Al Composite cost -c1 cash cost
($/t)
Cumulative Production (Percentile)
Aluminium Smelter Costs (C1 Cash Cost Curve)
VAL($ 1,845/t)1
25% 50% 75%
BALCO($ 1,910/t)1
Strong Focus on Exploration
27FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
� Added 3x times
mined out in
FY2012
� Added 4.8x times
mined out since IPO
� R&R increased to
332mt, from 144mt
at Vedanta IPO
� 25+year mine life
with 10%+grades
Zinc India Iron Ore
India
� Added net 68mt in
FY2012, 18 year
mine life2
� R&R increased from
190mt 3 at
acquisition to
374mt – added 3.4x
times mined out
Liberia
� 1bn tonnes R&R
� Aeromagnetic study
and 25,000+metres
drilling indicates
strong potential
upside
� R&R replacement
ratio of 1.75x in
FY2012
� Rajasthan potential
resource increased
to 7.3bn boe gross
in place from 6.5bn
boe
� Exploration success
at Sri Lanka and
Nagayalanka
� 17 year R&R life
Oil & GasCopper-Zambia
� R&R increased to
689mt from 457mt
at acquisition
� 24+ year mine life
with high grade at
KDMP
� Added mine life at
all three assets
� Current mine life:
− Skorpion:
5+years1
− BMM: 10+years
− Lisheen: 3years
� 186mt Gamsberg
deposit feasibility
study underway
Zinc-Intl
Notes: 1. With some additional work for conversion of resources to reserves
2. At capacity for current producing assets, subject to approvals
3. 120mt excluding Orissa from Sesa Goa acquisition, and 70mt from Dempo acquisition
Creating Long Term Value through Exploration
Financials
D.D. Jalan
Chief Financial Officer
� 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 generation
� Substantially invested projects to drive free cash flow
� Progressive dividend policy, CAGR of 17% over the last 5 years
Financial Highlights
$mn or as stated
FY2012 proforma with
Cairn FY2012 FY2011
EBITDA 5,353 4,026 3,567
EBITDA margin1 (%) 46.7% 40.6% 44.6%
Underlying Attributable PAT2 571 387 715
Underlying EPS($/share)2 2.09 1.42 2.63
Free Cash Flow before Growth Capex 3,128 2,534 2,347
Growth Capex3 2,728 2,398 2,517
Total Dividend (USc/share) 55.0 52.5
Notes: 1. Excludes custom smelting operations
2. Based on profit for the year after adding back special items and other gains and losses, and their resultant tax and minority interest effects
3. Excludes sustaining capex
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 29
1.00.5 0.1 0.3
3.0
2.21.5
1.3
3.10.5
1.3
0.4
0.32.3
4.1
2.4 2.7
0.7
3.2
4.5
FY2013 FY2014 FY2015 FY2016 FY2017³ FY2018 and later
Debt at VED plc Debt to be transferred from VED plc to Sesa Sterlite Debt at Subsidiaries
Strong Financial Profile
� Cash and Liquid Investments of $6.9bn, with additional $2.9bn undrawn lines of credit
� FY2012 Proforma Net Debt:EBITDA including Cairn of 1.9x; Credit ratings of BB/Ba3/BB1
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Notes: All information as of 31 March 2012, except information on refinancing1. Issue credit Ratings as per S&P, Moody’s and Fitch respectively
2. Debt numbers shown at face value
3. 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 flows
30
US$1bn maturities at plc in FY2013: $550mn refinanced to date
Group Simplification to Reduce Debt at plc
� Post group structure simplification, debt service
liability at plc reduces by 61% to $3.9bn
� Debt service cost at Vedanta reduces from
$500mn to $190mn in FY2013
� Payout-based dividend policies at subsidiaries to
result in significantly higher dividends to plc
31FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Debt Service Liability at plc ($bn)
9.8
(3.1)
3.9
(2.8)
0
5
10
Service Liability Pre Transaction
Service Liability Post
Transaction
Debt transferred toSesa Sterlite;
guarantee continued by Vedanta
Note: Numbers as of 31 March 2012
Intercompany receivable created
at Vedanta, from Sesa Sterlite
Sustainable Development
Tony Henshaw
Chief Sustainability Officer
Sustainability Model
� Embed sustainable development into every aspect of what we do
� To improve our health and safety performance for a safer, more secure and healthier
environment
� To contribute further and in a more targeted way to local communities
� To continue to manage and minimize our impact on air, water and land
� To maintain a dialogue with stakeholders to help us further understand what is needed to help
support a sustainable society and planet
33FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Responsible Stewardship – Health & Safety
Health
� Investing in technologically advanced
processes that reduce possible
exposure levels at work area
� Regular medical check ups - Over
87,000 medical examinations conducted
in FY2012
� Monitoring and review of industrial
hygiene parameters such as noise
exposure, illumination levels and
manual handling
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 34
Vedanta is committed to providing a safe, injury-free and healthy place to work
Safety
� Goal is to reach & sustain “Zero Harm”
� 48% reduction in LTIFR in last five
years
� Focused programme on elimination of
unsafe conditions across units
� Exco sub-committee on sustainability
formed - current focus is on safety
performance
� 134,000 man hours of safety training
imparted last year
� Targeting LTIFR less than 0.80 in
FY2013 and less than 0.50 by FY2016
1.9 1.7 1.51.1 1.0
FY 2008 FY 2009 FY 2010 FY 2011 FY 2012
-48%LTIFR
Responsible Stewardship – Environment
Water
� Doubled water recycling to 55.7MCM in FY2012
� 14.5MCM of rainwater harvested in FY2012
Energy
� Energy saving target for FY2013 is 3.9mn GJ,
equivalent to 120MW power station
Climate Change
� 274MW wind power capacity
� 61MW generated from waste heat
� 16.2% decrease in GHG emissions (scope 1 & 2)
per total revenue
Solid Waste
� More than 70% of non-hazardous waste
generated is constructively utilised
� Extensive research with best institutes in India
to constructively utilize Jarofix and Red mud
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 35
Vedanta is committed to mitigating the environmental impact of our activities
Adding and Sharing Value – Our Communities
� Community programmes reaching 3.1 million
people in India and Africa
� Community spend of US$38 million in FY2012
� Working in partnership with 149 NGO’s and
academic institutions
� Focus areas– Child Care, Education, Women
Empowerment, Sustainable Livelihood , Health
Water & Sanitation and Bio-Investment
� US$4.8 billion1 total contribution to Indian
government exchequer in FY2012
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 36
Working in partnership with our communities is an integral part of our strategy
350 bed Cancer Research Hospital at Raipur - US$61mn investment
Notes. 1. On a proforma basis including incl $2.8bn by Cairn India for full year FY2012
Assurance – Scott Wilson
� Vedanta sustainability framework of policies and technical standards completed
� The framework has been reviewed independently for compliance with the IFC performance
standards, the ICMM guidelines and the UN Global Compact
� Scott Wilson – 17 points closed, 6 points awaiting review for closure, 4 to be closed by the end
of year
− Final sign off by June 2013
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 37
Formalizing our approach to international standards and best practices
.
Please email us at :
For more information visit
www.vedantaresources.com/sustainability/
www.vedantaresources.com
Please write to us at :
Vedanta Resources plc
5th Floor, 16 Berkeley street
London W1J3DZ
Vedanta Sustainable Development Report 2011-12
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 38
Summary
Global Diversified Natural Resources Major
� World-class portfolio of large, structurally low-cost, scalable assets with long mine-life
� Strong financial profile supported by diversified cash flow growth
� Delivering industry-leading production growth driven by substantially invested projects
� Recent acquisitions provide additional growth options
� Focus on additional resources to drive long-term value
� Group simplification on track for completion in CY 2012
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012 39
Appendix
Our Operations
41FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
India
Copper• CMT
Australia
Iron ore• Liberia Iron Ore
Assets
Liberia
Ireland
Zinc-lead-silver• Lisheen
Namibia
Zinc-lead-silver• Skorpion
Iron ore• Goa• Karnataka
Zinc-lead-silver• Debari smelter• Chanderiya smelters• Rampura Agucha mine• Dariba mine, smelters• Zawar mine• Sindesar Khurd mine
Copper• Tuticorin
copper smelter
Aluminium• Lanjigarh alumina
refinery• Jharsuguda smelter • Korba smelter and
power plant• BALCO coal block
Power• Talwandi Sabo • Jharsuguda power• MALCO power plant
Sri Lanka
Oil and Gas• Rajasthan• Cambay• Ravva• East Coast• West Coast• Sri Lanka
Copper• KCM
Zambia
Zinc-lead-silver• Black Mountain • Gamsberg
South Africa Oil and Gas• Block-1
Site visit covers Jharsuguda, Agucha, Dariba, Sindesar Khurd, Rajasthan O&G, Goa iron ore
Zinc-Lead-Silver
Iron oreOil & Gas Copper Aluminium Power
� Gamsberg - one of
the largest
undeveloped zinc
deposits: 186mt
at 6.9% grade
� 1.98GW Talwandi
Sabo by FY2014
� BALCO 325ktpa
first metal in Q3
FY2013
� BALCO 1200MW
first unit sync by
Q2 FY2013
� 36mtpa capacity
expansion
� Liberia project,
shipment from 1st
phase in FY2014
� 2013:c.240kbopd1
from Rajasthan
� 300kbopd1 basin
potential
� India: 400ktpa
expansion1
� KCM ramping up
to 400ktpa
Growth profile
1.5mtpa,
16moz silver
+Gamsberg
3.8GW,
upto 8.6 GW
(3.9GW commercial)
740ktpa,
upto 2.3mtpa
21mtpa1
+Liberia
175kbopd,
upto 300kbopd1
India: 400ktpa,
upto 800ktpa1
Zambia upto 400ktpa
Capacity
Global Diversified Natural Resources Major
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Notes: 1. Subject to approvals
Well Invested Asset Base driving Growth
42
India, Ireland,
Namibia, South
Africa
IndiaIndiaIndia, LiberiaIndia, Sri Lanka,
South Africa1
Zambia, India,
Australia
Largest integrated
zinc-lead producer
One of the largest
producers in India
Strategically located
large-scale assets
Largest Indian
private iron ore
producer-exporter
One of India’s largest
private crude oil
producers
World class Zambian
operations, Indian
custom smelter
among lowest cost
smelters globally
Country and Positioning
Highlights
� Three operating blocks
− RJ current production at c.175 kbopd
− Basin potential of 300 kbopd
− Two mature blocks, effort ongoing to arrest the decline rate
� Worlds’ longest continuously heated and insulated pipeline
� 10 blocks under exploration
− Exploration success ratio c.50%
� R&R Life: 17 years
� Q1 FY 2012-13:
− Average Daily Gross operated production at 206,963 boe
− Cairn Working Interest production at 127,226 boe
Oil & Gas - Assets
43FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Snapshot of Assets
Oil and Assets – Gross 2p (i.e. Gross Proved and Probable)
HydrocarbonsInitially In-place
(mmboe)
Reserves and Resources
(mmboe)
Rajasthan Block (RJ) - MBA Fields 2,090 636
Rajasthan Block (RJ) - MBA EOR - 308
Rajasthan Block (RJ) - Other Fields 2,088 178
Rajasthan Block (RJ) - Total 4,178 1,122
Ravva Fields 690 70
CBOS/2 Fields (in Cambay Basin) 182 13
Other Fields 792 426
Total 5,842 1,631
# Producing Blocks; *Under Force Majeure; ** Farm in agreement signed on 16 August 2012, subject to South African regulatory approvals
Working Interest
BlockWorking Interest
Rajasthan
RJ-ON-90/1# 70 %
East Coast
KG-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 Coast
CB/OS-2# 40 %
MB-DWN-2009/1* 100 %
Sri Lanka
SL 2007-01-001 100 %
South Africa (SA)
Block 1** 60 %
Zinc India - Assets
Highlights
� Capacity:
− 1mtpa integrated zinc-lead
− 16moz integrated silver
� High-grade mining assets
� 300+mt R&R,
− Supports long mine life of 25+
years
� Smelters and refineries located in
close proximity to mines
44FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Snapshot of Assets
Mining AssetsReserves (mt)
Resources (mt)
Reserve Grade-Zn
Reserve Grade-Pb
Capacity- Ore (mtpa)
Rampura Agucha Mine 69.3 41.1 13.7 % 1.9 % 6.2
Sindesar Khurd Mine 21.6 59.8 4.5 % 2.7 % 2.0
Rajpura Dariba Mine 8.8 43.5 6.3 % 1.7 % 0.9
Zawar Mines 7.8 64.1 3.6 % 2.0 % 1.2
Kayar Mines 1.8 9.5 12.6 % 1.8 % 1.0 *
Bamnia Kalan Mines - 5.1 - - NA
Total 109.3 223.1 10.6 % 2.0 % 10.3
Other Assets
Capacity-Refined Zinc (kt)
Capacity-Refined Lead
(kt)Capacity-Silver (t)
Capacity-Captive
Power (MW)
Capacity Total Zinc-Lead (kt)
Chanderiya Smelting Complex 525 85 168 234 610
Pyrometallurgical Lead Zinc Smelter 105 35 168 - 140
Hydrometallurgical Zinc Smelter 420 - - - 420
AusmeltTM Lead Smelter - 50 - - 50
Dariba Smelting Complex 210 100 - 160 310
Hydrometallurgical Zinc Smelter 210 - - - 210
Lead Smelter - 100 - - 100
Debari Smelter - Hydrometallurgical Zinc Smelter
88 - - - 88
Pantnagar Silver Refinery - - 350 - -
Zawar Mining Complex - - - 80 -
Total 823 185 518 474 1,008
Note: * Refers to 1mtpa Kayar mine project which is under development and is not considered in total capacity
Other Assets Capacity Zn (kt)
Skorpion Integrated Zinc Refining1 150
Zinc International - Assets
Highlights
� Capacity: 150kt integrated zinc, 248kt zinc- lead mined metal
� 270+mt R&R, supports long mine life: Skorpion : 5+ years1, Lisheen : 3 years, BMM – 10+ years
� Gamsberg: 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 years
45FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Snapshot of Assets
Mining AssetsReserves (mt)
Resources (mt)
Reserve Grade-Zn
Reserve Grade-Pb
Skorpion 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
Iron Ore – India Assets
Highlights
� Capacity:
− Goa: 14.5mtpa
− Karnataka: 2.3mtpa1
� 374mt R&R
− Supports long mine life of 18+
years2
� Favorable logistics – Goa mines
located in proximity to port
46FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Snapshot of Assets
Mining Assets
Proved and Probable
Reserves (mt) Grade-Fe
Mining Capacity (mt)
Target Mining Capacity (mt)
Goa 132.5 55.1% 14.5 27.0
Karnataka – A Narrain 34.2 57.1 % 2.31 9.0
Total 166.7 55.5 % 16.8 36.0
Other AssetsCapacity- Pig Iron(kt)
Capacity-Metcoke(kt)
Capacity-Power (MW)
Amona 250 280 -
Amona-expansion 375 280 30
GEPL - - 30
Total 625 560 60
1. CEC approved provisional capacity of 2.29 mt2. At capacity for current producing assets, subject to approvals
Goa
Karnataka
Iron Ore – Liberia Assets
West Africa – the next Major Iron Ore hub
� 34bn tonnes of Iron Ore resources identified in West
Africa
� Potential to develop into a 100mtpa Iron Ore
exporting region
Entry into Liberia
� 51% stake acquired in WCL Liberia
� 1bn tonnes R&R across 3 deposits, close to coast
� 2 existing piers and stacking area at port
� Favourable logistics - 70-140km from port, lowest
amongst other players
47FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Vedanta Liberia Iron Ore
Asset Type R&R
Mano River Brownfield 80 mt
Bea Mountain Greenfield 923 mt
Bomi Hills Brownfield 50 mt
Distance key(km)
Bomi Hills
Bea Mountain
Mano River
Asset Key
0 50 100
Western Cluster Mines
Other Iron Ore Mines
Railway
Major Roads
Vedanta
Putu(Severstal)
Bong(Wuhan
Steel)
Mount Nimba(ArcelorMittal)
Liberia
Proposed SimandouRailway
Buchanan
Greenville
Dida
Monrovia
Robertsport
Copper- India/Australia - Assets
Highlights
� One of the lowest-cost custom smelters globally
� Stable volume and cost performance
48FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Other Assets
Copper Anode (kt)
CopperCathode (kt)
Rod (kt)
Sulphuric Acid (kt)
PhosphoricAcid (kt)
CaptivePower (MW)
Tuticorin Copper Smelter 405 205 96 1,300 230 47
Silvassa Copper Refinery - 200 172 - - -
Fujairah - - 100 - - -
Total 405 405 368 1,300 230 47
Snapshot of Assets
Mining AssetsReserves (mt)
Reserve Grade-Cu
Resources (mt)
Resources Grade-Cu
Mt. Lyell (CMT) 6.0 1.23 % 31.5 1.11 %
Copper- Zambia - Assets
Highlights
� Konkola - one of the largest
high-grade copper mines with
3%+ grade
� Well-invested assets: smelter,
concentrators, refinery
49FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Snapshot of Assets
Mining AssetsReserves (mt)
Reserve Grade-Cu
Resources (mt)
Resources Grade-Cu
Capacity-Ore (mtpa)
KCM (Konkola, Nchanga,etc)
369.9 1.63 % 319.0 2.38 % 7.5
Other Assets
Capacity-Copper
Conc.(mt)
Capacity-Copper
Anode(kt)
Capacity-Copper
Cathode(kt)Capacity-
AcidCapacity-Pyrites
Nchanga 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 - - - - 60
Total Smelting and Refining
13.5 311 375 585 60
Aluminium - Assets
Highlights
� 2.3mt integrated Aluminium
� Proximity to coal and bauxite
� Competitive cost position – Second
quartile
50FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Snapshot of Assets
Mining AssetsReserves (mt)
Reserve Grade-Al
Resources (mt)
BALCO 7.2 46.4% 30.7
Mainpat 3.4 46.1 % 5.0
Bodai- Daldalli 3.8 46.6 % 2.0
Pandrapat - - 8.0
Jamirapat - - 15.7
Other Assets
Capacity
Alumina (kt)
CapacityAluminium
(kt)
CapacityCaptive
Power (MW)
CapacityCommercial Power (MW)
Balco
Smelter - 245 540
IPP - - 270
Expansions - 325 600 600
VAL
Alumina Refinery 1,000 - 90
Smelter - 500 1,215
Expansions 4,000 1,250 210
Total Current Capacity 1,000 745 1,845 270
Total Capacity 5,000 2,320 2,655 870
Power - Assets
Highlights
� Single location 2,400 MW power plant
� Proven execution skills with experience in building &
operating large power projects
� Proximity to coal
51FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
HZL-WPP (not shown on map) includes wind power plants at Rajasthan (89MW), Gujarat (89MW), Maharashtra (26MW), Karnataka (49MW) and Tamil Nadu (21MW)
Snapshot of Assets
Power Plants
Capacity
(MW)
Malco 100
HZL – WPP 274
SEL 2,400
Entity-Wise Cash and Debt Details
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Net Debt Summary ($mn)
31 Mar 2011 30 Sep 2011 31 Mar 2012
Company Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt Debt Cash & LI1 Net Debt
Vedanta plc2 4,557 265 4,292 6,340 1,136 5,204 9,263 205 9,058
Sterlite 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 49 662
Sterlite Energy Ltd 597 92 505 910 15 895 1,175 37 1,138
Others 24 27 (4) 52 - 52 53 1 51
Sterlite 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 3,420
Copper Zambia 256 6 250 765 - 765 750 42 709
Sesa Goa 212 2,194 (1,982) 867 220 648 681 118 564
MALCO - 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 7,1664 16,955 6,885 10,0645
Note: 1. Liquid Investments
2. Includes Investment Companies
3. Includes $5 million debt related derivative
4. Includes $2 million debt related derivative
5. Includes $6 million debt related derivative
52
Credit Metrics
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
FY2011 FY2012 Covenant
Net Debt/EBITDA 0.55 x 1.9 x < 2.75 x
EBITDA/Gross Interest Expense1 5.0 x 4.5 x > 4.0 x
Tangible Net Worth ($bn) 5.5 4.5 > 3.0
Net Assets/Debt 2.61 x 2.47 x > 1.75 x
Gearing2 13% 35%
Note: 1. Interest includes Capitalized Interest
2. Gearing is calculated as Net Debt divided by the sum of Net Debt and Equity
53
Group Structure Simplification Status
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Status Event Expected
� BSE and NSE approval sought Mar 2012
� Competition Commission approval sought Mar 2012
� Foreign Investment Promotion Board approval sought Mar 2012
� BSE and NSE approval received Apr 2012
� Competition Commission approval received Apr 2012
� Application to High Court in India and Supreme Court of Mauritius Apr 2012
� Scheme documents posted to shareholders May 2012
� Vedanta / Sesa / Sterlite / MALCO EGM Jun 2012
� Foreign Investment Promotion Board approval Jun 2012
� Supreme Court of Mauritius approval Sep 2012
High Courts of India approval / Transaction completion CY 2012
54
Group Structure Simplification on Track
Proposed New Group Structure
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Konkola Copper
Mines (KCM)
58.3%
Vedanta Resources
100%64.9%
Zinc India (HZL)
AustralianCopper Mines
Sesa Sterlite
Cairn India
58.8%
79.4%
Subsidiaries of Sesa Sterlite
� Iron Ore (Sesa Goa)
� Copper Smelting (Tuticorin)
� Power (2,400MW Jharsuguda)
� Aluminium (VAL aluminium
assets)
Divisions of Sesa Sterlite
Option to increase stake
to 94.4%
Unlisted entitiesListed entities
Note: Shareholding based on basic shares outstanding
Talwandi Sabo Power (1,980MW)
100%
VAL Power and MALCO Power
(1,405MW)
100%
Skorpion & Lisheen -100%
BMM -74%
100%
Zinc International
51%
Bharat Aluminium (BALCO)
Option to increase stake
to 100%
51%
Western Cluster (Liberia)
Option to increase stake
to 100%
55
Vedanta Group Structure
FY2012 INDIA OPERATIONS SITE VISIT – CORPORATE PRESENTATION - 24 SEPTEMBER 2012
Zinc IndiaCopperAluminium Iron ore Power
KEY
Konkola Copper
Mines (KCM)
54.6%
Vedanta Resources(Listed on LSE)
Madras Aluminium (MALCO)
94.8%
51.0% 100%64.9%
70.5%
29.5%
Zinc India(HZL)(Listed on BSE
and NSE)
AustralianCopper Mines
Bharat Aluminium (BALCO)
Sterlite Energy
100%
Sterlite Industries(Listed on BSE, NSE and NYSE)
VedantaAluminium
(VAL)
79.4%
Sesa Goa (Listed on BSE
and NSE)
55.1%
3.6%
51%
Skorpion and Lisheen
Black Mountain
100% 74%
Zinc International
Cairn India Ltd(Listed on BSE
and NSE)
38.7%
20.1%
Liberia Iron Ore Assets
Oil & GasZinc International
Note: Structure as at 31 March 2012
56