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Vedanta Resources (VED)

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Wednesday 27 January, 2010

Vedanta Resources

Q3 Production Results

RNS Number : 1687G
Vedanta Resources PLC
27 January 2010
 



27 January 2010


Vedanta Resources Plc 

Production Release for Third Quarter and Nine months 

Ended 31 December 2009


Q3 Highlights


  • Record production volumes in mined zinc & lead, aluminium and iron ore and record commercial power sales
  • Strong EBITDA, benefiting from higher volumes, efficient cost management and recovering commodity prices
  • Expansion projects progressing well


Zinc Business


During the quarter ended 31 December 2009 ("Q3"), the company achieved its highest ever zinc and lead mined metal production of 200,000 tonnes. During the same period, refined zinc and lead metal production was stable at 169,000 tonnes, whilst silver production was up 48% at 1.38 million ounces. 


Sales in Q3 were augmented by sales of 41,000 dry metric tonnes of surplus zinc concentrate.  


EBITDA during the quarter increased over 6 times to $290.6 million, compared with $44.3 million in the corresponding prior quarterThe positive impact of higher LME prices, production volume and operational efficiencies was partially offset by decline in by-product realizations and the impact of the settlement of a long term wage agreement effective from 1 July 2007. 


The Rampura Agucha mine expansion from 5mtpa to 6mtpa is on schedule for commissioning by mid 2010. Construction at the 210 kt Zinc smelter, 100 kt lead smelter and 160 MW CPP is progressing well and on schedule. Sindesar Khurd Mine's primary development is on schedule for progressive commissioning from mid 2010.  


Iron Ore Business


During Q3, the company achieved record iron ore production of 5.40 million tonnes, an increase of 36% compared with the corresponding prior quarter. The increase in production was on account of the additional volumes from the Dempo acquisition. Iron Ore sales during the same period were higher by 25% at 6.79 million, compared with the corresponding prior period. 


EBITDA in Q3 was $216.1 million compared with $85.8 million in the corresponding prior quarter due to higher volumes and improved realisations.


 

Copper - India/Australia Business


During Q3copper cathode production at our Tuticorin smelter was up 12% at 85,000 tonnes compared with 76,000 tonnes in the corresponding prior quarter. The production volumes were marginally impacted by lower concentrate grades, which are expected to improve to normal levels during Q4 FY10.


Mined metal production at our Australian Mine was 4,000 tonnes in Q3. The production is rapidly ramping up after resumption of production in October 2009, post the temporary mine closure in August 2009 following a mud rush. 


EBITDA for Q3 was higher at $39.3 million, compared with $22.3 million in the corresponding prior 
quarter, primarily on account of higher LME prices, partly offset by lower acid prices.


Copper - Zambia Business


During Q3, KCM produced 42,000 tonnes of copper cathodes including 14,000 tonnes from purchased concentratesignificantly higher than the 25,000 tonnes produced in the corresponding prior quarter. The increase was due to the ramp up of the new Nchanga smelter


Mine output was 22,000 tonnes10% higher than the corresponding prior quarter reflecting improved mine performance as a result of ongoing operational improvement initiatives. 


EBITDA in Q3 was $35.6 million compared with a loss of $159.4 million in the corresponding prior 
quarterThe positive impact of improved volumes, higher copper prices, and lower operating cost was partially offset by loss on metal price hedges. 

The Konkola Deep Mine Project expansion is progressing well with the cold commissioning of the rock winder. We expect to commission the mid shaft loading station by end FY 2010 and full project completion by end 2011, on schedule.


Aluminium Business


Aluminium production in Q3 was 130,000 tonnes, an increase of 7over the corresponding prior 
quarter despite closure of BALCO-I and MALCO smeltersProduction at BALCO-II continues to be above rated capacityThe second 250 kt potline is on track for completion by the end of the financial year, with 448 pots out of the total 608 pots currently in operation.  


The Lanjigarh alumina refinery produced 181,000 tonnes of alumina in Q3, an increase of 10% compared 
to the corresponding prior quarter. We await the final clearance for bauxite mining in Orissa. 


EBITDA from the Aluminium business increased to $45.1 million, from $13.1 million in the corresponding
prior quarterprimarily due to higher sales volume and LME pricesand stable costs


The first metal tapping from the 1.25 mtpa Jharsuguda II aluminium smelter project is expected in Q1 FY11Progress on the 3 mtpa alumina refinery expansion project and the 0.6 mtpa de-bottlenecking project at Lanjigarh remains on schedule.


The first metal tapping from the 325 ktpa aluminium smelter project at BALCO is expected in Q3 FY11.
Construction at the associated 1,200 MW captive thermal power plant has resumed and the first unit is expected to commence power generation on schedule in October 2010.


Energy Business


We sold 589 million units of power in Q3 compared with 42 million units sold in the corresponding prior quarter. 


EBITDA in Q3 was $36.7 million compared with $3.5 million in the corresponding prior quarter.  


Construction work on the 2,400 MW (4x600 MW) power plant at Jharsuguda, Orissa is in progress, with the first unit of 600 MW expected to be commissioned by the end of this financial year, and the remaining units expected to be progressively commissioned by the end of CY 2010. 


  Production Summary (Unaudited)

   ( in '000 tonnes, except as stated)

    

Quarter ended 31 December

Nine months ended 31 December

Particulars

2009

2008

Change

2009

2008

Change

Alumina







  Lanjigarh

181

165

9.7%

559

415

34.7%

  Korba/Mettur

3

57

(94.7%)

43

200

(78.5%)

Aluminium

130

122

6.6%

375

328

14.3%

   Jharsuguda

65

26

150.0%

174

33

427.3%

  Korba/Mettur

65

96

(32.3%)

201

295

(31.9%)

Copper India / Australia







  Copper mined metal content

4

7

(42.9)%

17

19

(10.5%)

  Copper - Cathodes 

85

76

11.8%

255

224

13.8%

Copper - Zambia







  Copper mined metal content

22

20

10.0%

59

62

(4.8%)

  Copper - Cathodes 

42

25

68.0%

120

98

22.4%

Zinc and Lead







  Mined metal content

200

192

4.2%

575

538

6.9%

  Zinc -refined 

148

152

(2.6%)

428

401

6.7%

  Lead -refined 1

21

16

31.3%

52

47

10.6%

  Silver (in 000' ounces) 2

1,384

938

47.5%

4,018

2,712

48.2%

Iron Ore 







  Saleable Ore 3  

5,396

3,977

35.7%

13,600

11,106

22.5%

Energy







  Units sold (in Million)

589

42

1302.4%

1570

184

753.3%


  • Including captive consumption of 2000  tonnes vs 1000 tonnes in Q3FY10 vs Q3 FY09 and 6,000 tonnes vs 2,000 tonnes in 9months FY 2010 vs 9 months FY2009

  • Including captive consumption of 238,000 ounces vs 138,000 ounces in Q3FY10 vs Q3FY09 and 948,000 ounces vs 466,000 ounces in 9months FY 2010 vs 9 months FY2009

  • Iron ore is reported on wet tonnes basis


  

  

Financial Summary (Unaudited)

 

Quarter Ended 31 December

Nine Months Ended 31 December

     Particulars

2009

2008

Change

2009

2008

Change

Revenue

 

 

 

 

 

 

Aluminium

221.4

183.2

20.9%

486.4

775.3

(37.3%)

Copper 

 

 


 

 


  India/Australia

753.4

528.9

42.4%

1,960.6

2,100.6

(6.7%)

   Zambia

264.6

121.9

117.1%

694.5

636.2

9.2%

Zinc

460.3

191.9

139.9%

1120.2

969.2

15.6%

Iron Ore 

389.3

277.4

40.3%

705.5

780.7

(9.6%)

Energy

69.3

3.6

1825.0%

178.2

18.1

884.5%

Elimination

(13.0)

-

-

(21.5)

-

-

Total

2,145.3

1,306.9

64.2%

5,123.9

5,280.1

(3.0%)

 

 

 

 

 

 

 

EBITDA

 

 

 

 

 

 

Aluminium

45.1

13.1

244.3%

91.0

192.8

(52.8%)

Copper 

 

 

 

 

 

 

  India/Australia

39.3

22.3

76.2%

109.3

253.7

(56.9%)

   Zambia

35.6

  (159.4)

-

103.9

(88.5)

-

Zinc

290.6

44.3

556.0%

664.0

495.5

34.0%

Iron Ore 

216.1

85.8

151.9%

346.5

408.7

(15.2%)

Energy

36.7

3.5

948.6%

95.8

17.6

444.3%

Others

(0.9)

0.5

-

(1.7)

2.7

-

Total

662.5

10.1

6,459.4%

1,408.8

1,282.5

9.8%


For further information, please contact:


Ashwin Bajaj                                              ashwin.bajaj@vedanta.co.in

Vice President - Investor Relations            Tel: +91 22 6646 1531

Vedanta Resources plc


Saurabh Kothari                                         kothari.saurabh@vedanta.co.in

AGM - Investor Relations                          Tel: +91 22 6646 1531

Vedanta Resources plc


Robin Walker                                             Tel: +44 20 7251 3801

Gordon Simpson

Finsbury


About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining

major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy.

Vedanta has operations in IndiaZambia and Australia and a strong organic growth pipeline of

projects. With an empowered talent pool of 30,000 employees globally, Vedanta places strong

emphasis on partnering with all its stakeholders based on the core values of entrepreneurship,

excellence, trust, inclusiveness and growth. For more information visit www.vedantaresources.com



Disclaimer


This press release contains "forward-looking statements" - that is, statements related to future, not past, 
events. In this context, forward-looking statements often address our expected future
business and 
financial performance, and often contain words such as "expects," "anticipates,"
"intends," "plans," 
"believes," "seeks," "should" or "will." Forward-looking statements by their
 nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements. 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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