9th Oct 2013 07:24
LONDON (Alliance News) - Vedanta Resources PLC Wednesday said production increased in many of its operations in its second quarter ending September 30. Vedanta said production of oil and some metals increased, while sales of surplus electrical power and production of copper fell.
The FTSE 100-listed global natural resources company said its average daily oil production increased 2.9% to 213,299 barrels of oil equivalent per day during the three months from 207,245 barrels the previous year.
The company also said production increased in all metals across its Zinc India operation, with zinc itself up 21%, lead up 17% and silver up 7% due to significant improvements in the operational efficiency of smelters at the site.
Zinc India's mined metal production rose 16% year-on-year in the recent quarter, and the firm expects to deliver around 950,000 tonnes of mined metal production during the year.
With respect to Zinc International, quarterly total production of refined zinc and mined zinc-lead metal in concentrate amounted to 106,000 tonnes. In line with its prior outlook, the company expects to produce nearly 390,000 tonnes of refined zinc and mined zinc-lead metal in concentrate in fiscal 2014.
Vedanta said its Zinc International operations continued to provide lower comparative production to the previous year as the company recovered from disruptions at Lisheen in Ireland and Black Mountain Mining in South Africa during its first quarter.
The company said its Iron Ore operations in India increased production, with pig iron production up 57%, to 129,000 tonnes from 82,000 tonnes and metallurgical coke production up 6%, to 88,000 tonnes from 83,000 tonnes.
Vedanta also said its copper production in India, Australia and Zambia fell significantly. Mined metal production dropped by 26% in Zambia, to 34,000 tonnes from 45,000 tonnes, due to a suspension of mining operations since January.
The company's total individual power-unit sales fell by 29%, to 1.91 billion units from 2.7 billion units, with a 87% drop in sales of surplus electrical power from the company's part-owned Balco Captive Aluminium Power Plant 1 to 44 million units from 346 million units, while power sales from its part-owned Jharsuguda aluminium site fell 23%, to 1.5 billion units from 1.9 billion units.
Vedanta shares were down 4.4% to 1,022.00 pence, making it the biggest loser on the FTSE 100 in early trading Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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