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Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Tuesday 11 April, 2006

Vedanta Resources

Production Report

Vedanta Resources PLC
11 April 2006

                                                                   11 April 2006

                             Vedanta Resources plc
               Production Results for the Fourth Quarter and Year
                              Ended 31 March 2006


• Major phase 1 expansion projects in aluminium, copper and zinc completed
• Production volumes across all metals improved substantially

Production Summary (Unaudited)

                                                   (in tonnes, except as stated)
                                  Q4                Q3      Year Ended 31 March
                         2006   2005  % change    2006     2006  2005* % change
Alumina                    77     70     10.0%      78      296   279      6.1%
Aluminium                  68     36     88.9%      60      210   136     54.4%
Copper - India/Australia                                                                       
Mined metal content         8      8        -        8       34    36    (5.6)%
Copper - Cathode           75     47     59.6%      75      273   172     58.7%
Copper - Rods              46     37     24.3%      41      167   125     33.6%
Copper - Zambia *                                                      
Mined metal content        17     29   (41.4)%      28       99    45        -   
Copper - Cathode           37     39    (5.1)%      46      164    68        -   
Zinc - Mined Metal        125     99    26.3%      127      472   355     33.0%
Refined Zinc               92     54    70.4%       69      284   212     34.0%

* Prior period comparatives for Copper - Zambia not comparable as KCM was
  acquired on 5 November 2004.


Aluminium Business

Aluminium production for the year at 210,000 tonnes, was 54% higher than the
previous year, primarily on the back of production from BALCO Plant II (new
Korba smelter) of 69,000 tonnes and improved operational efficiencies at the
existing plants.

As at 31 March 2006, 216 pots of the total 288 pots were commissioned at BALCO
Plant II and the production from these pots in March 2006 was 14,000 tonnes. The
remaining 72 pots are expected to be commissioned within the first quarter of
the current financial year. All four units of the 540 MW captive power plant are
now operating at full capacity delivering power in excess of our current
requirements, with the surplus being exported to the State grid.

The 1-1.4 mtpa alumina refinery project in Lanjigarh is progressing well with
mechanical completion expected by second quarter of FY 2007. With regards to the
mining permits, the Honourable Supreme Court of India has held a hearing and has
now directed the Ministry of Environment and Forests to submit their report,
which will lead to further directions in settlement of the matter.

Copper Business

Copper cathode production at 273,000 tonnes and rod production at 167,000 tonnes
in the Indian operations for the year were substantially higher, - an increase
of 59% and 34%, respectively compared to the previous year. The new Tuticorin
smelter commissioned in April 2005 is performing well and continues to operate
at full capacity. The Tuticorin smelter will be under shutdown for planned
maintenance for a period of 20 days in April 2006.

Operations at Copper Mines of Tasmania's Mt. Lyell mine continue to perform well
with improved operational efficiencies. However, total mine production from our
Australian operations was lower due to the planned closure of Thalanga Copper
Mines during the year.

Copper cathode production at Konkola Copper Mines was 164,000 tons in FY 2006.
Mined metal production suffered a setback in the fourth quarter of FY 2006, with
production of 17,000 tonnes compared to 29,000 tonnes in the corresponding
period last year due to lower ore grade and operational matters. While
improvements at KCM are taking longer than expected to yield benefits, a series
of initiatives including commissioning of the new sulphuric acid plant and a
major overhaul of the existing smelter should progressively result in higher
production in FY 2007.

Zinc Business

Zinc - mined metal content for the year at 472,000 tonnes was 33% higher than
the previous year. Refined zinc production for the year was 284,000 tonnes, 34%
higher than the previous year, primarily due to additional output of 71,000
tonnes from the new 170,000 tpa hydro smelter commissioned at Chanderiya in
May 2005, which has produced 14,000 tonnes in the month of March 2006. Surplus
zinc concentrate of 100,000 tonnes was exported during the fourth quarter of
FY 2006.

We also produced 24,000 tonnes of lead metal in FY 2006, including 4,300 tonnes
from the recently commissioned 50,000 tpa Ausmelt lead plant. We expect full
ramp-up of the Ausmelt lead plant to be achieved during the first quarter of
FY 2007.

Pricing and Earnings

While production growth has been overall in line with our expectations, higher
commodity prices and sales of zinc concentrate in the fourth quarter are likely
to lead to a better than expected result.

TC/RCs have improved through the year and this impact has been mainly realized
in the second half of 2006. Import tariffs on metals were reduced from 10% to
7.5% by the Government of India, effective March 2006 onwards for aluminium,
copper and zinc.

Growth Projects

Work on phase II of our growth projects is progressing as scheduled and we have
ordered critical equipment and commenced construction activities.

For further information, please contact:

Sumanth Cidambi                                [email protected]
Associate Director - Investor Relations        Tel: +44 20 7659 4732 / +91 22 5646 1531
Vedanta Resources plc

Robin Walker
Finsbury                                       Tel: +44 20 7251 3801

About Vedanta Resources plc

Vedanta Resources plc is a London listed diversified metals and mining group.
Its principal operations are located throughout India, with further operations
in Zambia and Australia. The major metals produced are aluminium, copper, zinc
and lead. For further information, please visit


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

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