Earnings of Konkola Copper Mines ( KCM), Zambia's largest copper mining company owned by India's Vedanta Resources PLC, have increased 171 percent in the 2005 financial year ended March 31, 2006, thanks to the robust production on the back of sky-rocketing metal prices.

According to a newly released financial report by Vedanta, whose main operations are in India and Zambia, KCM has realized revenue of 703.4 million U.S. dollars with earnings before interest, taxation, depreciation and amortization (EBITDA) increasing to 206 million dollars from 76 million dollars in the previous financial year.

Meanwhile, the group's revenue was up 96.5 percent to 3.7 billion dollars while group EBITDA were up 142.6 percent to 1.1 billion dollars driven by better prices and strong volume growth.

KCM's copper cathode production in the year was at 164,000 tons, out of which 110,000 tons was from its Nkana smelter in Copperbelt province of Zambia.

Vedanta Resources PLC chairman Anil Agarwal says the group sees a lot of promises in Zambia and believes that the copper industry will remain a major driver of the country's economy.

"We foresee that with its rich copper resource, Zambia can regain its position as a major global producer of copper," Agarwal said.

Source: Xinhua