Miner Vedanta Resources has said its third-quarter core earnings fell 11 per cent and that it was reviewing its operating and capital spending plans across its businesses, as the mining conglomerate responds to a sharp fall in commodity prices.

Shares in the company fell as much as 4.8 per cent to 353.21 pence before bouncing back to a gain of two per cent in early trading on the London Stock Exchange on Friday.

Vedanta said its debt maturities were being refinanced at lower costs and that it was reviewing refinancing and repayment options.

Market concerns have primarily revolved around Vedanta's ability to service its debt and meet covenants, said Canaccord Genuity analyst Nick Hatch

"The key message from the company is that it does not have a debt/covenant problem at the moment," Hatch said in a note.

The London-based miner, which has most of its assets in India, reported a net debt of about $8.8 billion at the end of 2014, down from $9 billion at the end of September.

Miners and energy companies have been scrambling to cut costs, review operations and manage debt to fight the decline in commodity prices.

Benchmark Brent crude prices have slumped 60 percent in the last seven months, while prices for copper have been flirting with near 5-1/2-year lows.

Concerns about global economic growth and demand for metals in China, which accounts for 40 percent of global refined copper demand, have kept the pressure on prices.

The company's earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $1.02 billion in the quarter ended Dec. 31 from $1.14 billion a year earlier. Revenue rose marginally to $3.36 billion.

Vedanta's India-based resources unit Sesa Sterlite Ltd said on Thursday that it was taking steps to reduce operating and capital costs.

Sesa Sterlite has interests in oil and gas, iron ore, zinc, copper, power and aluminium.