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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Vedanta | LSE:VED | London | Ordinary Share | GB0033277061 | ORD USD0.10 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 832.60 | 834.80 | 835.80 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMVED
RNS Number : 1606T
Vedanta Resources PLC
10 October 2017
Vedanta Resources plc
16 Berkeley Street
London W1J 8DZ
Tel: +44 (0) 20 7499 5900
Fax: +44 (0) 20 7491 8440
www.vedantaresources.com
10 October 2017
Vedanta Resources Plc
Production Release for the Second Quarter and Half Year
ended 30(th) September 2017
Q2 Highlights
Operations
Zinc India:
-- Refined zinc-lead metal production at 230kt, up 27% y-o-y
-- Record refined silver production at 4.5mn ounces, up 31% y-o-y
Zinc International:
-- Highest quarterly production of 20kt at Black Mountain in the last 4 years
Oil & Gas:
-- Commenced 15-well infill drilling campaign at Mangala; first well brought online
Aluminium:
-- Record quarterly aluminium production
-- Smelters continue ramp up, with current run-rate of 1.6 mtpa (excluding trial run production)
Copper India:
-- Record quarterly copper cathode production
Copper Zambia:
-- Mined metal production up 21% q-o-q, with continued production improvements at Konkola Underground, Tailings Leach Plant and Nchanga open pit
Iron Ore:
-- Produced 1.9mt at Karnataka in H1, expect to achieve full allocation production during Q3
TSPL:
-- High plant availability of 87%, following the shutdown in Q1
Corporate
-- Proactive refinancing of $1.84 bn completed at Vedanta Resources Plc through a combination of bond and bank debt; extends average debt maturity by 1.5 years, lowers the average cost of borrowing and results in no significant debt maturities until December 2018
Kuldip Kaura, Interim Chief Executive Officer, Vedanta Resources plc, said: "I feel privileged to take on the helm of a business with Tier 1 assets and I am very excited to be here. During the quarter, our Zinc, Copper India and Aluminium businesses have delivered a strong production performance. We have also commenced our growth journey on both the exploration and development front in our Oil & Gas business. We are continuing to realise operational efficiencies across our diversified portfolio and to benefit from a supportive market environment."
Oil & Gas
Hot Features
Premium
Q2 Q1 H1
----------------------- ---------------------------- ------------------ --------------------------
Particulars FY2018 FY2017 % FY2018 % FY2018 FY2017 % change
change change YoY
YoY QoQ
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
OIL AND GAS
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Average Daily
Total Gross Operated
Production (boepd)
(1) 190,389 206,230 (8)% 196,656 (3)% 193,505 206,342 (6)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Average Daily
Gross Operated
Production (boepd) 180,955 196,399 (8)% 187,203 (3)% 184,062 196,629 (6)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Rajasthan 153,238 167,699 (9)% 159,351 (4)% 156,278 167,323 (7)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Ravva 17,266 18,823 (8)% 18,361 (6)% 17,810 19,228 (7)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Cambay 10,452 9,877 6% 9,491 10% 9,974 10,078 (1)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Average Daily
Working Interest
Production (boepd) 115,332 125,575 (8)% 119,473 (3)% 117,391 125,484 (6)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Rajasthan 107,267 117,390 (9)% 111,546 (4)% 109,395 117,126 (7)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Ravva 3,885 4,235 (8)% 4,131 (6)% 4,007 4,326 (7)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Cambay 4,181 3,951 6% 3,796 10% 3,990 4,031 (1)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Total Oil and
Gas (million
boe)
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Oil & Gas- Gross 16.6 18.1 (8)% 17.0 (2)% 33.7 36.0 (6)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Oil & Gas-Working
Interest 10.6 11.6 (8)% 10.9 (2)% 21.5 23.0 (6)%
----------------------- -------- -------- -------- -------- -------- ------- ------- --------
Q2 FY 2018 vs. previous quarters
Average gross production during Q2 FY2018 was 180,955 barrels of oil equivalent per day (boepd), 3% lower q-o-q and 8% lower y-o-y on account of natural decline in producing reservoirs, partially offset by continued reservoir management practices, strong Enhanced Oil Recovery (EOR) performance and production optimization activities.
Gross production from the Rajasthan block averaged 153,238 boepd for the quarter, 4% lower q-o-q primarily due to natural decline and temporary shutdown of satellite fields owing to operational issues. These satellite fields are being brought online in a phased manner. Gross production from Development Area-1 (DA-1), Development Area-2 (DA-2) and Development Area-3 (DA-3) averaged 137,562 boepd, 15,606 boepd and 70 boepd, respectively
Gas production from Raageshwari Deep Gas (RDG) averaged 33.8 million standard cubic feet per day (mmscfd) in Q2 FY2018, with gas sales, post captive consumption, at 18.0 mmscfd (production of 35.4 mmscfd and sales of 20.4 mmscfd in Q1).
The Ravva block produced at an average rate of 17,266 boepd for the quarter. Closing of the water producing zones in two wells and gas lift optimization has helped in enhancing production rates from the field, partially offsetting the natural decline.
The Cambay block produced at an average rate of 10,452 boepd for the quarter. Targeting incremental production opportunities, a gas well has been re-activated and gas lift started in two wells which has helped offset the natural decline.
Drilling of 15 infill wells at the Mangala field has commenced during Q2 and the first well was brought online at the end of September. Aishwariya Barmer Hill (ABH) Phase-I has been approved and the production from existing wells has commenced during the quarter. Additional growth projects like Bhagyam EOR, Aishwariya EOR, ABH Phase-II, Liquid handling upgrade and the field development plan for 45 additional infill wells at Mangala are under advanced stages of discussion with our JV partner for approval.
Post completion of RDG Phase-I in November 2017, gas production is expected to increase to 40-45 mmscfd. Tendering activity for partnership with leading service providers for integrated delivery of RDG Phase-II is progressing well and is expected to increase the gas production to over 100 mmscfd, and condensate production to over 5 kboepd by H1 CY2019.
H1 FY2018 vs. H1 FY2017
Average gross production across our assets was at 184,062 boepd. Production from Rajasthan was 156,278 boepd, 7% lower y-o-y on account of natural decline in the producing reservoirs, partially offset by positive results from the Mangala EOR and other reservoir management practices. RDG gas production has increased from an average of 30.4 mmscfd in H1 FY2017 to 34.6 mmscfd in H1 FY2018. Production from the offshore assets, Ravva and Cambay, was at a combined 27,784 boepd, lower by c.5% y-o-y, due to natural decline.
Zinc India
Particulars (In Q2 Q1 H1
'000 tonnes,
or as stated)
---------------------- -------------------------- ----------------- --------------------------
FY2018 FY2017 % FY2018 % FY2018 FY2017 %
change change change
YoY QoQ YoY
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Zinc India(kt)
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Mined metal
content 219 192 14% 233 (6)% 452 318 42%
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Refined Zinc
- Total 192 150 28% 194 (1)% 386 252 53%
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Refined Zinc
- Integrated 192 149 29% 194 (1)% 386 250 54%
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Refined Zinc
- Custom - 1 - - - - 2 -
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Refined Lead
- Total (2) 38 31 24% 35 9% 73 55 32%
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Refined Lead
- Integrated 38 31 24% 35 9% 73 55 32%
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Refined Lead - - - -
- Custom
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Silver - Total
(in mn ounces)
(3) 4.5 3.5 31% 3.7 22% 8.2 6.3 30%
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Silver- Integrated
(in mn ounces) 4.5 3.5 31% 3.7 22% 8.2 6.3 30%
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Silver- Custom - - - - - - - -
(in mn ounces)
---------------------- ------- ------- -------- ------- -------- ------- ------- --------
Q2 FY 2018 vs. previous quarters
Mined metal production was at 219,000 tonnes, 14% higher y-o-y, on account of higher volumes from underground mines. Q-o-Q production declined by 6% due to lower ore treatment.
Integrated zinc metal production was 192,000 tonnes, 29% higher y-o-y and flat sequentially. Integrated lead metal production was 38,000 tonnes, 24% higher y-o-y and 9% higher q-o-q. This was in line with availability of mined metal and smelters.
Integrated silver production was at a record high of 4.5 mn ounces, up 31% y-o-y and 22% q-o-q in line with higher lead production.
Capital mine development of 9,765 meters was achieved across all mines during the quarter, up 77% y-o-y and 11% sequentially. Rampura Agucha underground mine development is progressing well and the main production shaft is on track for commissioning in Q3 FY 2019. Shaft project at Sindesar Khurd is also on track for commissioning in Q2 FY 2019 while construction work for a new third mill of 1.5 mtpa capacity commenced during the quarter. Zawar mill debottlenecking was completed and the upgraded capacity of 2.7 mtpa was commissioned during the quarter.
H1 FY2018 vs. H1 FY2017
Mined metal production was at 452,000 tonnes in H1 FY2018, 42% higher y-o-y driven by higher ore production across all mines.
Integrated zinc, lead and silver production were higher by 54% y-o-y, 32% y-o-y and 30% y-o-y respectively, in line with availability of mined metal.
Zinc International
Particulars Q2 Q1 H1
(In '000 tonnes,
or as stated)
-------------------- -------------------------- ----------------- --------------------------
FY2018 FY2017 % FY2018 % FY2018 FY2017 %
change change change
YoY QoQ YoY
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Zinc International 42 39 13% 32 33% 74 82 (9)%
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Zinc refined
- Skorpion 23 23 0% 14 66% 36 47 (22)%
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Mined metal
content - BMM 20 16 23% 18 8% 38 35 8%
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Q2 FY2018 vs. previous quarters
Total production increased to 42,000 tonnes, 33% higher q-o-q and 13% y-o-y. Skorpion production increased to 23,000 tonnes, 66% higher q-o-q. This is on the back of a successful planned refinery shut down in Q1 which has resulted in restoring the acid plant to full capacity. BMM production increased to 20,000 tonnes, 8% higher q-o-q and 23% y-o-y. The increase was on account of better grades from improved drilling accuracy and higher recoveries due to operational efficiencies.
At Gamsberg, pre-stripping is progressing well, and we have achieved full ramp up of pre-stripping mining volumes of 3.5 million tons per month. To date, we have excavated over 32 million tonnes of waste rock of the total 65-70 million tons of pre-stripping required.
At Skorpion, the pit 112 extension project is progressing well and most of the equipment is in place. Waste mining that started in April 2017 has been at record levels in Q2.
H1 FY2018 vs. H1 FY2017
During H1 FY2018, total production decreased to 74,000 tonnes, 9% lower y-o-y on account of a planned shutdown of the acid plant at Skorpion during Q1 FY2018, partly offset by higher grades and higher recoveries at BMM.
Iron Ore
Q2 Q1 H1
---------------- --------------------------- ----------------- --------------------------
Particulars FY2018 FY2017 % change FY2018 % FY2018 FY2017 %
(in million YoY change change
dry metric QoQ YoY
tonnes, or
as stated)
---------------- ------- ------- --------- ------- -------- ------- ------- --------
IRON ORE
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Sales 0.7 0.8 (7)% 2.3 (67)% 3.0 3.4 (12)%
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Goa 0.1 0.3 (59)% 1.9 (93)% 2.0 2.4 (18)%
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Karnataka 0.6 0.5 30% 0.4 43% 1.0 1.0 3%
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Production
of Saleable
Ore 1.2 1.5 (14)% 3.2 (62)% 4.5 4.7 (4)%
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Goa 0.4 0.5 (25)% 2.2 (82)% 2.6 2.9 (12)%
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Karnataka 0.9 0.9 (8)% 1.1 (22)% 1.9 1.7 11%
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Production
('000 tonnes)
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Pig Iron 137 192 (29)% 163 (16)% 300 370 (19)%
---------------- ------- ------- --------- ------- -------- ------- ------- --------
Q2 FY2018 vs. previous quarters
At Goa, production was 0.4 million tonnes, with mining activities being lower in Q2, due to the monsoon season. We sold a lower quantity of ore at 0.1 million tonnes due to the low pricing environment.
At Karnataka, we are close to achieving our annual mining cap with production of 0.9 million tonnes during the quarter. Sales were 0.6 million tonnes during the quarter, 30% higher y-o-y and 43% higher q-o-q.
We have inventory of around 3 million tonnes at Goa and 1.2 million tonnes at Karnataka which will be sold in coming quarters.
We remain engaged with respective state governments for mining capacity increases.
Pig Iron production decreased to 137,000 tonnes, 29% lower y-o-y and 16% lower q-o-q due to a local contractors' strike. This strike has been resolved in mid-September 2017 and production will pick up in coming quarters.
H1 FY2018 vs. H1 FY2017
Production from Goa was 2.6 million tonnes and sales were 2.0 million tonnes, compared to 2.9 million tonnes and 2.4 million tonnes respectively. Production and sales at Goa were impacted by the low pricing environment. At Karnataka, both production and sales were higher y-o-y at 1.9 million tonnes and 1.0 million tonnes respectively. Production of Pig Iron decreased to 300,000 tonnes in H1 FY2018, 19% lower mainly due to lower metallurgical coke availability on account of weather related supply disruptions in Australia in Q1 FY2018 and local contractors' strike in Q2 FY2018. Pig iron production is expected to pick up in the coming quarters.
Copper - India
Q2 Q1 H1
-------------------- --------------------------- ------------------ ---------------------------
Particulars FY2018 FY2017 % change FY2018 % change FY2018 FY2017 % change
(in'000 tonnes, YoY QoQ YoY
or as stated)
-------------------- ------- ------- --------- ------- --------- ------- ------- ---------
COPPER- INDIA
-------------------- ------- ------- --------- ------- --------- ------- ------- ---------
Copper - Cathodes 106 97 9% 90 17% 197 198 (1)%
-------------------- ------- ------- --------- ------- --------- ------- ------- ---------
Tuticorin
Power Sales
(MU) 4 30 (86)% 30 (91)% 34 90 (62)%
-------------------- ------- ------- --------- ------- --------- ------- ------- ---------
Q2 FY 2017 vs. previous quarters
Production from the Tuticorin smelter was a record at 106,000 tonnes of cathodes, 9% higher y-o-y and 17% higher q-o-q due to improved operational efficiencies.
The 160 MW power plant at Tuticorin operated at a lower Plant Load Factor (PLF) of 43% during Q2 FY2018 (PLF of 48% in Q1 FY2018 and 48% in Q1 FY2017). We are looking to enter into a power purchase agreement to ensure higher PLFs and will continue to explore viable supply agreement options.
H1 FY2018 vs. H1 FY2017
Production in H1 FY2018 was 197,000 tonnes of cathodes, similar to H1 FY2017. The 160MW power plant at the Tuticorin operated at a PLF of 45% in H1 FY2018 compared to 54% in H1 FY2017, primarily due to lower demand.
Copper - Zambia
Q2 Q1 H1
------------------ -------------------------- ---------------- -------------------------
Particulars FY2018 FY2017 % FY2018 % FY2018 FY2017 %
(in'000 tonnes, change change change
or as stated) YoY QoQ YoY
------------------ ------- ------- -------- ------ -------- ------ ------- --------
COPPER -ZAMBIA
------------------ ------- ------- -------- ------ -------- ------ ------- --------
Mined Metal 25 29 (16)% 20 21% 45 58 (22)%
------------------ ------- ------- -------- ------ -------- ------ ------- --------
Copper - Total 54 47 15% 47 15% 101 92 11%
------------------ ------- ------- -------- ------ -------- ------ ------- --------
Integrated 22 28 (19)% 21 8% 43 55 (22)%
------------------ ------- ------- -------- ------ -------- ------ ------- --------
Custom 32 19 64% 27 20% 58 36 61%
------------------ ------- ------- -------- ------ -------- ------ ------- --------
Q2 FY 2018 vs previous quarters
Mined metal production was 25,000 tonnes during Q2 FY2018, higher by 21% q-o-q.
At the Konkola mine, ongoing improvement in equipment availability through engagement with OEM for on-site equipment maintenance, focus on expert's supervision on dewatering, review of current contracting model to ensure full responsibility for production and implementation of new productivity enhancing mining method in certain areas of the mine, are key actions being undertaken for improving output further upwards.
Output from Nchanga open pit has improved during the quarter due to equipment maintenance through expert supervision from OEM. Accelerated waste excavation through engagement of a contractor will result in improved production from open pits in the coming quarters. Production at Nchanga Underground mine has improved significantly during the quarter and the mine is expected to operate at targeted production from Q3 onwards.
At the Tailings leach plant, production has increased in the current quarter due to substantially improved pumps and plant availability. External expertise in operation and maintenance is being inducted to ensure further improvement. Work on the leaching projects to increase metal recovery in Tailings leach plant continue to progress.
Smelter utilization has improved due to increase in mined metal production and increased sourcing of third party concentrates. During the quarter, the plant was successfully tested for higher throughputs demonstrating higher capability than current levels. Custom volumes totalled 32,000 tonnes in Q2 FY2018, an improvement of 64% and 20% on a y-o-y and q-o-q basis respectively.
Water levels at Kariba Dam has improved and is expected to improve further post the monsoon season. Power cuts in the country have been stopped but the force majeure declared by ZESCO and CEC continues.
H1 FY 2018 vs H1 FY 2017
Mined metal production decreased to 45,000 tonnes, 22% lower y-o-y and integrated volume was at 43,000 tonnes, 22% lower y-o-y in line with the lower mined metal production. Custom volumes increased to 58,000 tonnes, 61% higher compared to H1 FY2017 mainly due to higher concentrate availability in the market.
Aluminium
Q2 Q1 H1
-------------------- -------------------------- ----------------- ----------------------------
Particulars(in'000 FY2018 FY2017 % FY2018 % FY2018 FY2017 %
tonnes, or as change change change
stated) YoY QoQ YoY
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Aluminium
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Alumina-Lanjigarh 269 292 (8)% 303 (11)% 572 567 1%
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Total Aluminium
Production 401 296 36% 352 14% 753 541 39%
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Jharsuguda-I 99 132 (25)% 92 7% 191 261 (27)%
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Jharsuguda-II
(4) 157 48 - 120 31% 277 77 -
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Korba-I 65 63 4% 63 4% 128 126 2%
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Korba-II (5) 79 52 51% 77 3% 156 77 -
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Balco 270 MW - - - - - - - -
*
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
Jharsuguda 1800
MW (Surplus
Power Sales
in Million Units)
* - 156 - - - - 511 -
-------------------- ------- ------- -------- ------- -------- ------- ------- --------
* Jharsuguda 1,800MW and BALCO 270 MW power plants have been moved from the Power to the Aluminium segment from 1st April 2016.
Q2 FY2018 vs. previous quarters
During Q2 FY2018, aluminium production increased to 401,000 tonnes (i.e. production including trial run), 36% y-o-y and 14% q-o-q. The increase was driven by ramp ups at the Jharsuguda II smelter and complete ramp up of the Balco II smelter in Q1 FY 2018.
At Jharsuguda I, out of the total 228 pots which were affected in the April 2017 outage, 121 pots are operational to date, and the balance will be operational by Q3 FY2018. At Jharsuguda II, out of four lines, ramp-up of line-2 was completed in Q4 FY2017; the ramp-up of line-1 and line-3 are progressing well with 301 pots and 156 pots operational, respectively, at the end of the quarter. These lines will be fully operational by Q3 FY2018. Line-4 continues to be under evaluation.
At the end of August, there was a breach in the ash pond dyke wall at Jharsuguda plant following which the State Pollution Control Board, Odisha (SPCB), directed a temporary closure of five units on September 13th 2017. Subsequently on September 20th, the SPCB revoked the closure of three of these units except one unit of 135 MW of the 1,215 MW and one unit of 600MW of the 2,400 MW. The Company was required to purchase some external power during the interim seven day period which will have an impact on the cost of production for the quarter.
The demand-supply imbalance on domestic coal supplies resulted in increase of coal prices and caused continuing disruptions in domestic coal availability for the captive power plants during the quarter.
Alumina production was 269,000 tonnes, 8% lower y-o-y and 11% lower q-o-q. During the quarter, production was adversely impacted by lower bauxite availability from our mines at Chhattisgarh due to transport bottlenecks.
The exit monthly run rate of aluminium production was 1.6 million tonnes per annum (mtpa, excluding trial run production) in September 2017.
We expect to produce c. 1.5 to 1.6 mtpa of aluminium (excluding trial run production) in FY2018.
H1 FY2018 vs. H1 FY2017
Aluminium production increased to 753,000 tonnes in H1 FY2018, 39% higher y-o-y, mainly on account of the ramp up of additional pots at Jharsuguda II and Balco II. Alumina production was 572,000 tonnes, 1% higher y-o-y due to lower bauxite dispatches.
Power
Q2 Q1 H1
----------------------- --------------------------- ------------------ ---------------------------
Particulars FY2018 FY2017 % change FY2018 % change FY2018 FY2017 % change
(in million YoY QoQ YoY
units)
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
Power
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
Total Power
Sales 2,950 3,030 (3)% 1,838 61% 4,787 6,039 (21)%
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
Jharsuguda
600 MW 93 605 (85)% 564 (84)% 657 1,497 (56)%
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
Balco 600
MW 132 549 (76)% 551 (76)% 682 1,156 (41)%
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
MALCO* 0 25 - 4 - 4 115 (97)%
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
HZL Wind
Power 143 172 (17)% 156 (8)% 299 320 (7)%
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
TSPL 2,582 1,679 54% 563 - 3,145 2,951 7%
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
TSPL - Availability 87% 77% - 20% - 54% 75% -
----------------------- ------- ------- --------- ------- --------- ------- ------- ---------
* Continues to be under care and maintenance as of 26th May 2017 due to low demand in Southern India
Q2 FY2018 vs. previous quarters
During Q2 FY2018, power sales were 2,950 million units (mu), 3% lower y-o-y and 61% higher q-o-q. This was primarily on account of restart of the TSPL plant at the end of June 2017, following the shutdown for around 65 days in Q1 FY2018 due to a fire in April 2017.
During the quarter, TSPL power sales were 2,582 million units with 87% availability compared to 20% in Q1 FY2018. The Power Purchase Agreement with the Punjab State Electricity Board (PSEB) compensates us based on the availability of the plant. We are targeting an average availability of over 70% for the full year.
The 600MW Jharsuguda power plant operated at a Plant Load Factor (PLF) of 7% in Q2 FY2018 (PLF of 47% in Q1 FY2018, 50% in Q2 FY2017). Power Sales were heavily impacted due to the Ash Dyke breach issue and a temporary coal shortage.
The 600 MW BALCO IPP (2X300MW) operated at a PLF of 31% in Q1 FY2018 compared to 68% Q1 FY2018 (Q2 FY2017: 54%) on account of temporary coal shortage.
H1 FY2018 vs. H1 FY2017
During H1 FY2018, power sales decreased to 4,787 million units, 21% lower y-o-y mainly due to a temporary coal shortage.
Production Summary (Unaudited)
(In '000 tonnes, except as stated)
Particulars Q2 Q1 H1
------------------------- ----------------------------- ------------------- -----------------------------
FY FY % Change FY % Change FY FY % Change
2018 2017 YoY 2018 QoQ 2018 2017 YoY
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
OIL AND GAS
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Average Daily Total
Gross Operated
Production (boepd)(1) 190,389 206,230 (8)% 196,656 (3)% 193,505 206,342 (6)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Average Daily Gross
Operated Production
(boepd) 180,955 196,399 (8)% 187,203 (3)% 184,062 196,629 (6)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Rajasthan 153,238 167,699 (9)% 159,351 (4)% 156,278 167,323 (7)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Ravva 17,266 18,823 (8)% 18,361 (6)% 17,810 19,228 (7)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Cambay 10,452 9,877 6% 9,491 10% 9,974 10,078 (1)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Average Daily Working
Interest Production
(boepd) 115,332 125,575 (8)% 119,473 (3)% 117,391 125,484 (6)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Rajasthan 107,267 117,390 (9)% 111,546 (4)% 109,395 117,126 (7)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Ravva 3,885 4,235 (8)% 4,131 (6)% 4,007 4,326 (7)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Cambay 4,181 3,951 6% 3,796 10% 3,990 4,031 (1)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Total Oil and Gas
(million boe)
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Oil & Gas- Gross 16.6 18.1 (8)% 17.0 (2)% 33.7 36.0 (6)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Oil & Gas-Working
Interest 10.6 11.6 (8)% 10.9 (2)% 21.5 23.0 (6)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Zinc India
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Mined metal content 219 192 14% 233 (6)% 452 318 42%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Refined Zinc -
Total 192 150 28% 194 1% 386 252 53%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Refined Zinc -
Integrated 192 149 29% 194 (1)% 386 250 54%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Refined Zinc -
Custom - 1 - - - - 2 -
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Refined Lead -
Total (2) 38 31 24% 35 9% 73 55 32%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Refined Lead -
Integrated 38 31 24% 35 9% 73 55 32%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Refined Lead - - - - -
Custom
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Silver - Total
(in mn ounces)
(3) 4.5 3.5 31% 3.7 22% 8.2 6.3 30%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Silver- Integrated
(in mn ounces) 4.5 3.5 31% 3.7 22% 8.2 6.3 30%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Silver- Custom - - - - - - - -
(in mn ounces)
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Zinc International 42 39 13% 32 33% 74 82 (9)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Zinc -Refined -Skorpion 23 23 0% 14 66% 36 47 (22)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Mined metal content
- BMM 20 16 23% 18 8% 38 35 8%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
IRON ORE (in million
dry metric tonnes,
or as stated)
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Sales 0.7 0.8 (7)% 2.3 (67)% 3.0 3.4 (12)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Goa 0.1 0.3 (59)% 1.9 (93)% 2.0 2.4 (18)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Karnataka 0.6 0.5 30% 0.4 43% 1.0 1.0 3%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Production of Saleable
Ore 1.2 1.5 (14)% 3.2 (62)% 4.5 4.7 (4)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Goa 0.4 0.5 (25)% 2.2 (82)% 2.6 2.9 (12)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Karnataka 0.9 0.9 (8)% 1.1 (22)% 1.9 1.7 11%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Production ('000,
tonnes)
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Pig Iron 137 192 (29)% 163 (16)% 300 370 (19)%
------------------------- -------- -------- --------- -------- --------- -------- -------- ---------
Q2 Q1 H1
----------------------- ------------------------- ----------------- -------------------------
Particulars FY FY % Change FY % Change FY FY % Change
2018 2017 YoY 2018 QoQ 2018 2017 YoY
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
COPPER - INDIA
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Copper - Cathodes 106 97 9% 90 17% 197 198 (1)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Tuticorin Power
Plant Sales (MU) 4 30 (86)% 30 (91)% 34 90 (62)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
COPPER - ZAMBIA
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Mined metal 25 29 (16)% 20 21% 45 58 (22)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Copper - Total 54 47 15% 47 15% 101 92 11%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Integrated 22 28 (19)% 21 8% 43 55 (22)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Custom 32 19 64% 27 20% 58 36 61%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
ALUMINUM
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Alumina-Lanjigarh 269 292 (8)% 303 (11)% 572 567 1%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Total Aluminum
Production 401 296 36% 352 14% 753 541 39%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Jharsuguda-I 99 132 (25)% 92 7% 191 261 (27)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Jharsuguda-II(4) 157 48 - 120 31% 277 77 -
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Korba-I 65 63 4% 63 4% 128 126 2%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Korba-II(5) 79 52 51% 77 3% 156 77 -
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Balco 270 MW - - - - - - - -
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Jhasrsuguda 1800
MW (Surplus Power
Sales) - 156 - - - - 511 -
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
POWER (in million
units)
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Total Power Sales 2,950 3,030 (3)% 1,838 61% 4,787 6,039 (21)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Jharsuguda 600
MW 93 605 (85)% 564 (84)% 657 1,497 (56)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Balco 600 MW 132 549 (76)% 551 (76)% 682 1,156 (41)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
MALCO* 0 25 - 4 - 4 115 (97)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
HZL Wind Power 143 172 (17)% 156 (8)% 299 320 (7)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
TSPL 2,582 1,679 54% 563 - 3,145 2,951 7%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
TSPL - Availability 87% 77% - 20% - 54% 75% -
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Ports - VGCB (in
million tonnes)
(6)
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Cargo Discharge 1.1 1.3 (15)% 1.2 (12)% 2.3 2.9 (19)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
Cargo Dispatches 1.2 1.5 (24)% 1.1 (11)% 2.3 3.0 (26)%
----------------------- ------ ------ --------- ------ --------- ------ ------ ---------
* Continues to be under care and maintenance as of 26th May 2017 due to low demand in Southern India
1. Including Internal Gas consumption
2. Excluding Captive consumption of 1,634 tonnes in Q2 FY 2018 vs 837 tonnes in Q2 FY 2017 and 1,956 tonnes in Q1 FY2018 with 3,590 tonnes in H1 FY 2018 vs 1,921 tonnes in H1 FY 2017
3. Excluding Captive consumption of 2,81,000 ounces in Q2 FY 2018 vs 1,39,000 ounces in Q2 FY 2017 and 3,28,000 in Q1 FY 2018 with 6,09,000 ounces in H1 FY 2018 vs 3,16,000 ounces in H1 FY 2017
4. Including trial run production of 15 kt in Q2 FY 2018 vs 19 kt in Q2 FY 2017 and 19kt in Q1 FY 2018 and 34 kt in H1 FY2018 vs 29 kt in H1 FY 2017
5. Including trial run production of 1 kt in Q2 FY2018 vs 22 kt in Q2 FY2017 and 15 kt in Q1 FY 2018 and and 16 kt in H1 FY 2018 vs 28 kt in H1 FY 2017
6. Vizag General Cargo Berth
For further information, please contact:
Communications Finsbury
Arun Arora Daniela Fleischmann
Head, Group Communications Tel: +44 20 7251 3801
Tel: +91 124 459 3000
gc@vedanta.co.in
Investors
Ashwin Bajaj Tel: +44 20 7659 4732
Director - Investor Relations Tel: +91 22 6646 1531
ir@vedanta.co.in
Sunila Martis
Associate General Manager
- Investor Relations
Veena Sankaran
Manager - Investor Relations
About Vedanta Resources
Vedanta Resources plc ("Vedanta") is a London listed diversified global natural resources company. The group produces aluminium, copper, zinc, lead, silver, iron ore, oil & gas and commercial energy. Vedanta has operations in India, Zambia, Namibia, South Africa, Ireland and Australia. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of trust, sustainability, growth, entrepreneurship, integrity, respect and care. To access the Vedanta Sustainable Development Report 2017, please visit http://www.vedantaresources.com/media/214366/vedanta_sd_report_2016-17.pdf. For more information on Vedanta Resources, please visit www.vedantaresources.com
Disclaimer
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 statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
October 10, 2017 02:00 ET (06:00 GMT)
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