10th Apr 2015 06:41
LONDON (Alliance News) - Vedanta Resources PLC on Friday said its oil and gas production and its zinc production for the full year were both hit by disruptions, though it said its fourth quarter oil and gas production stabilised and it reported better zinc production in the quarter.
Vedanta said its oil and gas production for the full financial year to the end of March was 220,876 barrels of oil equivalent per day, down 3% from the 226,808 barrels produced a year earlier. In the fourth quarter, production fell to 224,294 boepd from 232,884 boepd, though Vedanta said oil and gas production has now stabilised following maintenance work carried out in the second quarter, which dragged on its production.
The FTSE 250-listed company said its production at Zinc India hit a record in the fourth quarter and for the full year, though both fourth quarter and full year production at its Zinc International business was hit by unplanned disruptions at the Skorpion site.
In its iron ore operations,Vedanta said it made good progress towards restarting mining at the Karnataka and Goa mines.
Elsewhere, copper cathode production from its Copper India business hit a record high for the year, it said, though full-year production at its Copper Zambia unit was lower due to shaft interruptions. Aluminium production for the year was strong on the back of the ramp up of its Konkola Deep mine.
"We continue to focus on the execution of our defined strategy and, despite volatile commodity markets, we remain confident in our diversified business model," said Vedanta Chief Executive Tom Albanese.
By Sam Unsted; [email protected]; @SamUAtAlliance
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