S&P: Vedanta unchanged

Standard & Poor's said its ratings and outlook on Vedanta Resources PLC (foreign currency BB+/stable) are unaffected by the company's announcement of new growth projects totaling $700 million.

The $300 million expansion at the Chanderiya zinc smelter is identical to the recently commissioned smelter expansion, which was delivered on schedule and under budget, S&P said.

Although the $400 million deep mining project at Konkola Copper Mines in Zambia is more challenging, S&P said it takes comfort that this will be financed substantially from Konkola's internal cash generation.

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