Vedanta Res. issues Q4 production update

Vedanta Resources said it has achieved strong results in ramping up output at its zinc, aluminium, power and iron ore businesses, in line with the company’s strategic priority.

“In particular, record production levels at Hindustan Zinc are well-timed in these strong commodity markets. We remain committed to the turnaround of KCM,” said CEO Tom ALbanese.

He added that the merger of Vedanta Ltd and Cairn India was 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.”

OPERATIONS HIGHLIGHTS:

Oil & Gas:

– Successful ramp up from Mangala EOR with production level of 56,000 boepd in Q4

Zinc India:

– Record annual production of mined metal at 907,000 tonnes of zinc and lead

– Record annual production of refined silver at 14.55 million ounces

Zinc International:

– Highest quarterly production at Black Mountain in 4 years

– Mobilisation on Skorpion Pit layback has commenced in April

– Gamsberg project on track to commence production in mid CY 2018

Copper India:

– Record annual and quarterly copper cathode production

Aluminium:

– Record aluminium production in Q4

Power:

– Record power production in Q4

– 1,980 MW TSPL plant: high availability at 85% in Q4

Iron ore:

– Achieved 2.6 million tonnes of the additional production capacity granted in Goa

Copper Zambia

– Lower integrated production due to lower equipment availability; strong custom production.

Story provided by StockMarketWire.com

Merryn

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