1. Vedanta Resources’ zinc output rises 40 per cent in India

Vedanta Resources’ zinc output rises 40 per cent in India

Global diversified natural resources company Vedanta Resources today said refined zinc output at its India unit increased by 40 per cent in the fourth quarter to 2,15,000 tonnes due to higher production in Rajasthan mines, including Sindesar Khurd mines.

By: | New Delhi | Published: April 11, 2017 9:19 PM
Vedanta Resources’ zinc output rises 40 per cent in India. (Reuters)

Global diversified natural resources company Vedanta Resources today said refined zinc output at its India unit increased by 40 per cent in the fourth quarter to 2,15,000 tonnes due to higher production in Rajasthan mines, including Sindesar Khurd mines. “Refined zinc metal production during the quarter was 2,15,000 tonnes, 40 per cent higher y-o-y and five per cent higher q-o-q,” the company said in a statement. Total integrated zinc-lead metal production was at an all-time high of 2,60,000 tonnes in line with the mined metal, the statement said.

“We achieved record production of 3,12,000 tonnes of mined metal in Q4, 66 per cent higher y-o-y and 13 per cent higher q-o-q. The increase was primarily on account of higher production from the Rampura Agucha open cast mine in line with the mine plan, wherein production in H2 was higher than H1 FY2017,” it said.

Tom Albanese, Chief Executive Officer, Vedanta Resources plc, said, “In line with our strategic priority to ramp up production at our zinc, aluminium, power and iron ore businesses, I am happy to say that we have achieved strong results on this front during the year. In particular, record production levels at Hindustan Zinc are well-timed in these strong commodity markets, he added.

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“The merger of Vedanta Limited and Cairn India is set for completion in due course. In addition, we have carried out a number of proactive measures to strengthen the balance sheet, while maintaining our commitment to prudent cost management, to deliver strong returns for all stakeholders,” he said.

Elaborating further on Zinc India, the company said that integrated lead production during the fourth quarter was a record at 45,000 tonnes, 18 per cent higher y-o-y and 15 per cent higher q-o-q. The increase was in line with availability of mined metal, supported by enhanced smelter efficiencies.

During the quarter, production at our Goa operation was 3.7 million tonnes and sales were 2.3 million tonnes. The unsold inventory will be sold in the following quarter, it said adding, “We had achieved our annual mining allocation of 5.5 million tonnes in Goa in January 2017. Post this, the Goa government granted us additional allocation and we produced 2.6 million tonnes thereby enabling the state to reach its 20 million tonne cap.”

Goa will seek the intervention of the Supreme Court later this month to accept the recommendation of the Expert Committee for a higher limit of 37 million tonnes per annum for the state. Goa has asked mining companies to aim for cumulative production of 8 million tonnes during Q1 FY 2018. “During the quarter, there was no production at Karnataka, as the annual mining capacity was achieved in Q3 FY2017,” it said.

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