On 11 June 2009, we acquired VS Dempo's iron ore assets based at Goa. The acquisition offered significant growth opportunity and has brought operational synergies through the sharing of infrastructure with Sesa Goa.

To ensure we can deliver sustainable growth going forward, we continue to add new resources in excess of annual production. Exploration continues to be a major focus and has yielded excellent results during the year.

• Addition of 64 mt to reserves and resources in the Iron Ore business, extending the mine life to 17 years at current production capacity. Active exploration will continue at our iron ore operations in support of our plans to become a 50 mtpa producer in the next three years.
• Added 33.7 mt to reserves and resources in the Zinc business, extending the mine life to 42 years at current production capacity.
• Added 14 mt of reserves and resources in our Zambian Copper business, extending mine life to over 50 years.

During the year we repaid US$1.2 billion of debt and raised long-term funds totalling to US$4.2 billion. US$2.1 billion was raised through the issue of convertible bonds, US$1.1 billion by issue of equity by our subsidiary Sterlite and US$1.0 billion through issue of convertible bonds by our subsidiaries Sterlite and Sesa Goa.

In response to improved market conditions, we reactivated work on the US$2.15 billion 1,980 MW power plant project at Talwandi in Punjab, North India. We also announced the following expansion projects:

• In anticipation of rapidly growing copper consumption in India, and in order to significantly reduce the power cost at existing smelting operations, we announced a 400 ktpa expansion of copper smelting capacity at Tuticorin, along with a captive power plant of 160 MW for an estimated capex of US$500 million.
• We are expanding our pig iron production capacity by 0.375 mt and met coke capacity by 0.280 mt with an estimated capex of US$150 million.
• We are expanding our iron ore mining capacities at Goa and Orissa to 40 mt, with an estimated capex of US$500 million.
• We entered the growing port and infrastructure sector in India, winning a tender from the Government of India's Vizag Port Company to construct a coal berth on a revenue sharing basis in a joint venture with Leighton Contractors (India) Pvt. Ltd. This will require an estimated capex of US$150 million.

We believe all these project expansion initiatives will add significant value for all stakeholders.

EBITDA recorded by the individual businesses is set out below.