US$918.4 million
Operating profit

578 kt
Zinc production

150 kt
Lead production

4.46 moz
Silver production

Unit Costs
Unit cost of production in FY 2010 excluding royalties was 15% higher at US$698 per tonne compared with US$609 per tonne in FY 2009, primarily due to lower sulphuric acid credit which fell by US$123 per tonne and wage increases arising out of a long-term wage settlement agreement. Royalties were higher at US$152 per tonne in FY 2010 on account of increased LME prices and higher royalty rates. The royalty rate, which is linked to LME, was increased from 6.6% to 8.4% for zinc and from 5.0% to 12.7% for lead, with effect from 13 August 2009.

Sales
Our domestic sales of Zinc metal at 386 kt in FY 2010 were up 16% compared with FY 2009, benefitting from a 25% growth in zinc consumption in India, on the back of sustained robust growth in the infrastructure sector. We also sold 223,000 dry metric tonnes of zinc concentrate and 31,000 dry metric tonnes of lead concentrate, in FY 2010.

Financial Performance
EBITDA for FY 2010 was US$982.8 million, up 63% compared with FY 2009, primarily due to higher volumes contributing approximately US$100 million and an increase in LME zinc and lead prices by 24% and 23% respectively contributing approximately US$300 million. This increase was partially off-set by increased net operating costs and royalties.