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Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Thursday 27 January, 2011

Vedanta Resources

Q3 Production Results

RNS Number : 1714A
Vedanta Resources PLC
27 January 2011
 



                                                                                                                            27 January 2011

 

 

Vedanta Resources Plc Production Report for the

Third Quarter and Nine Months Ended 31 December 2010

 

 

Q3 Highlights

 

Ø Record mined metal production volumes at Zinc-Lead and Copper-Zambia operations, up 11% and 18% respectively

Ø Record quarterly EBITDA of $895m, up 35%

Ø 1.5 mtpa mill at silver-rich SK Mine commissioned

Ø Second 600 MW unit of 2,400 MW Jharsuguda power plant synchronised

Ø Completed acquisition of Anglo American Zinc's Skorpion Mine in Namibia

 

 

Zinc-Lead-Silver, India

 

Mined metal production in Q3 was a record 222,000 tonnes, 11% higher than the corresponding prior period. Refined zinc production was 20% higher in Q3 at a record 178,000 tonnes. Zinc production for the nine months ended 31 December 2010 was 519,000 tonnes, 21% higher than the corresponding prior period. The 210 ktpa Zinc smelter at Dariba Smelting Complex contributed 46,000 tonnes and 119,000 tonnes during Q3 and the nine month period, respectively.

 

Lead production in Q3 was 14,000 tonnes as compared with 21,000 tonnes in the corresponding prior period, 33% lower due to a maintenance shutdown at the Ausmelt and Pyro Smelters. Lead production for the nine month period was 46,000 tonnes compared with 52,000 tonnes during the corresponding prior period.

 

Silver production during Q3 and the nine month period was 1.35 million ounces and 4.16 million ounces, respectively. The new 1.5 mtpa mill at the silver-rich SK mine has been commissioned.

 

Sales in Q3 were augmented by sales of 36,000 and 13,000 dry metric tonnes of surplus zinc and lead concentrate, respectively.

 

EBITDA for the quarter increased to $332.3 million from $286.7 million in the corresponding prior period. Increased volumes, higher LME prices and operational efficiencies were partially offset by higher coal cost and higher stripping ratio.

 

Commissioning of the 100 ktpa Lead smelter at Dariba Smelting Complex is expected in Q4 FY 2010-11, and will take the zinc-lead capacity of our India operations to 1,064 ktpa. 

 

  

Skorpion Zinc, Namibia

 

The acquisition of Skorpion Zinc, Namibia was completed in early December 2010.  During December 2010, Skorpion produced 13,200 tonnes of refined Zinc and generated an EBITDA of $13.7 million.

 

 

Iron Ore

           

Iron ore production and sales during Q3 were 5.29 mt and 5.38 mt, respectively. Sales were impacted by the extended monsoon and restrictions on road transport timings in Goa, a temporary state-wide export restriction imposed by the Karnataka State Government at the end of July 2010, and continued logistics constraints in Orissa.

 

EBITDA in Q3 was 30% higher at $280.2 million primarily due to higher realizations, partially offset by lower sales volume, higher logistics costs and higher export duty.

 

On 30 November 2010, we announced the closure of Sesa Goa's third party mining contract in Orissa. We did not renew the contract because of unviable commercial terms on a long-term basis.

 

 

Copper - India/Australia

 

During Q3, copper cathode production at the Tuticorin smelter was 7% lower at 79,000 tonnes due to a temporary shutdown following the High Court order issued at the end of September 2010.

 

Mined metal production at CMT Australia was 4,000 tonnes and 18,000 tonnes in Q3 and the nine month period, respectively.

 

EBITDA for Q3 was 31% higher at $51.5 million, primarily on account of higher acid realizations, partly offset by lower Tc/Rc's and lower volumes.

 

 

Copper - Zambia

 

During Q3, the integrated copper cathode production was 34,000 tonnes, 21% higher than the corresponding prior period. This was primarily on account of improvement at the Nchanga operations with higher production at the open pits and higher throughput at the tailings leach operations. We continue to work on further improving operational efficiencies across all operations.  

 

Integrated copper production during the nine month period was 100,000 tonnes, 8% higher than the corresponding prior period. During the same period, the total copper production including custom operations was 169,000 tonnes.

 

Mined metal production for Q3 and the nine month period was 26,000 tonnes and 73,000 tonnes, higher by 18% and 22%, respectively, as compared with the corresponding prior periods.

 

EBITDA in Q3 was $143.4 million, significantly higher compared with $35.6 million in the corresponding prior quarter on account of higher LME prices, higher volumes, and lower operating costs.

 

Work at the Konkola Deep Mining Project, the new concentrators at Nchanga and the CRO project continues to progress on schedule.

 

 

Aluminium

 

Aluminium production in Q3 was 29% higher at 168,000 tonnes, which includes production of 103,000 tonnes from Jharsuguda-I and 65,000 tonnes from BALCO.

 

Alumina production at Lanjigarh was 147,000 tonnes and 522,000 tonnes during Q3 and the nine month period. The refinery continues to operate at a capacity of 1 mtpa with bauxite sourced from BALCO and third parties.

 

EBITDA in Q3 was $66.2 million as compared with $28.3 million in the corresponding prior quarter. The increase was primarily on account of higher LME prices and sales volumes, partly offset by increased cost of alumina, coal and carbon.

 

 

Energy

 

Sale of power in Q3 was 7% higher at 1,126 million units, including 245 million units generated by the first 600 MW unit of the Sterlite Energy 2,400 MW power plant, which is under trial run.

 

EBITDA in Q3 was $17.8 million as compared with $57.4 million in the corresponding prior quarter, mainly on account of lower realisations.

 

The second 600 MW unit of the 2,400 MW SEL power plant was successfully synchronized in December 2010.

 

Work on the 2,640 MW (4x660MW) supercritical power project at Talwandi Sabo is progressing as scheduled. Around 90% of the piling has been completed and foundation work is in progress. Erection of boiler structure has commenced and 5 shiploads of material have been received.

 

We recently announced a 150 MW expansion of wind power generation capacity at HZL at a cost of approximately $190 million. The project is scheduled for completion in two phases - 50 MW by March 2011, and 100 MW by Q2 FY 2011-12. The power generated will be sold to State utilities under green power purchase agreements. Upon completion of the expansion, we will be the second largest wind energy generator in India, with a generation capacity of 273 MW.



 

Production Summary (Unaudited)

(in '000 tonnes, except as stated)

Particulars

Quarter ended 31 December

Nine Months ended 31 December


2010

2009

% Change

2010

2009

% Change

Zinc







   Mined metal content

222

200

11.3

609

575

5.9

   Zinc - refined

178

148

20.3

519

428

21.3

   Lead - refined 1

14

21

  (33.3)

46

52

(11.5)

   Silver (in '000 ounces) 2

1,351

1,384

(2.4)

4,156

4,018

3.4

   Skorpion Zinc

13.2

-

-

13.2

-

-

Iron Ore  







   Saleable Ore (in mt) 3

5.3

5.4

(1.9)

14.8

13.6

8.8

Copper- India / Australia







  Copper - Mined metal content

4

4

-

18

17

5.9

  Copper -  Cathodes

79

85

(7.1)

224

255

(12.2)

Copper - Zambia

55

42

31.0

169

120

40.8

  Integrated

34

28

21.4

100

93

7.5

  Custom

21

14

50.0

69

27

155.6

Alumina







   Korba I 4

0

3

-

0

43

-

   Lanjigarh

147

181

(18.8)

522

559

(6.6)

Aluminium

168

130

29.2

470

375

253

   Jharsuguda

103

65

58.5

277

174

59.2

   Korba II

65

63

3.2

193

186

3.8

   Korba I 4

0

2

-

0

15

-

Energy (in million units)

1,126

1,051

7.1

3,256

2,322

40.2

SEL5

245

-

-

294

-

-

BALCO, MALCO, HZL Wind

669

589

13.6

1948

1,570

24.1

 Surplus from CPP's

          212

462

(54.1)

       1,014

752

34.8

 

1.     Including captive consumption of 1,746 tonnes vs 1,450 tonnes in Q3 FY 2010-11 vs Q3 FY 2009-10.

2.     Including captive consumption of 297,000 ounces vs 238,000 ounces in Q3 FY 2010-11 vs Q3 FY 2009-10.

3.     Iron ore is reported on wet metric tonnes basis

4.     Plants no longer operational

5.     Represents production under trial run

 

 

 

Financial Summary (Unaudited)

                                                                                                                                           (in $ million, except as stated)

Particulars

Quarter ended 31 December

Nine Months ended 31 December


2010

2009

% Change

2010

2009

% Change

Revenue







Aluminium

426.9

        213.0

   100.4

1,093.5

      453.6

141.1

Copper

1,497.7

     1,018.0

          47.1

3,680.2

   2,655.1

38.6

- India/Australia

1,019.7

      753.4

          35.3

2,342.0

1,960.6

19.5

- Zambia

       478.0

      264.6

          80.7

      1,338.2

694.5

92.7

Zinc

      602.8

      452.9

33.1

    1,483.4

1,102.6

             34.5

- India

      573.6

      452.9

          26.7

      1,454.2

1,102.6

31.9

- Namibia

       29.2

        -

            -

         29.2

    -

            -

Iron ore

     489.9

      389.3

          25.8

    1,197.6

705.5

69.8

Energy

      64.5

        85.2

         (24.3)

      256.3

228.7

12.1

Eliminations

       (4.1)

      (13.1)

            -

     (51.8)

(21.6)

           -

Total

 3,077.7

   2,145.3

          43.5

7,659.2

   5,123.9

49.5








EBITDA







Aluminium

66.2

           28.3

133.9

155.0

       68.4

126.6

Copper

194.9

          74.9

160.2

477.7

213.2

124.1

- India/Australia

51.5

        39.3

31.0

160.4

     109.3

46.8 

- Zambia

143.4

        35.6

302.8

317.3

     103.9

205.4 

Zinc

       346.0

      286.7

               20.7

       802.5

     654.9

            22.5

- India

332.3

      286.7

15.9

788.8

     654.9

20.4 

- Namibia

          13.7

            -

            -

          13.7

       -

                -

Iron ore

 280.2

      216.1

29.7

712.9

    346.5

           105.7

Energy

 17.8

       57.4

(69.0)

108.2

    127.4

          (15.1)

Others

 (9.7)

        (0.9)

            -

 (12.3)

(1.6)

            -

Total

 895.4

     662.5

35.2

 2,244.0

   1,408.8

59.3 

 

Note: Previous year numbers have been regrouped as necessary to present Energy as a separate segment

 



For further information, please contact:

Investors:

Ashwin Bajaj

Senior Vice President - Investor Relations

Vedanta Resources plc

 

 

ir@vedanta.co.in

Tel: +44 20 7659 4732 / +91 22 6646 1531

Media:

Gordon Simpson

Faeth Birch

Finsbury

 

 

Tel: +44 20 7251 3801

 

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, silver, iron ore and commercial energy. Vedanta has operations in India, Zambia, Namibia 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, please 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
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