India's largest copper producer, Vedanta Resources, revealed a 98% slump in its third quarter profits as it took a $104m writedown on inventory as metal prices tumbled.
Earnings before interest, tax, depreciation and amortisation fell to $10.1m for the three months to end December compared to $671.5m the same time a year earlier.
As well as the inventory writedowns, Vedanta said earnings were hit by negative pricing adjustments of $47m and currency losses of around $34m.
In a statement Vedanta said, "Record production volumes of zinc and aluminium and record sales of iron ore were primarily offset by steep falls in commodity prices as well as negative provisional pricing adjustments and writedown of inventories."
Vedanta also has interests in Tanzania and Australia as well as a 51 percent stake in Konkola Copper Mines, Zambia's largest copper miner.
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