Vedanta Resources Reports Steady Quarterly Zinc Production

Vedanta Resources plc (LSE:VED) announced its production results for the first fiscal quarter of 2016, commenting that zinc production remained steady at 70 kilotonnes. It also said that it’s started pre-stripping at the Gamsberg project.
Other highlights include:

• Oil & Gas: Production volume of 209,738 boepd o Rajasthan production steady at 172,224 boepd; Gas production grows 20% q-o-q o Ravva and Cambay production grew by 8% y-o-y
• Aluminium: Record quarterly aluminium production and continued high utilisation rate at Lanjigarh alumina refinery
• Copper India: Higher cathode production at 98 kt & continued strong TCRC realisations
• Iron ore: Commenced ore sales at Karnataka; well positioned to re-start mining in Goa post monsoons
• Copper Zambia: Higher mined metal production at 29 kt with improvement of hoisting capacity, equipment availability at Konkola and lower cost of production

Tom Albanese, CEO of Vedanta, commented:

In Q1 we saw continued volatility in commodity prices, but Zinc has held up quite well in view of its strong fundamentals and is now the largest contributor to our EBITDA. We continue to focus on improving efficiency, costs, and enhancing production across our well-invested asset base. We have broken ground at the Gamsberg Zinc project in South Africa, improved production at Konkola mines in Zambia and remain on track to re-start iron ore production at Goa following the monsoons. Our diversified business model supported by strong operating strengths and structurally low cost assets will enable robust long term returns to stakeholders.

Click here to read the full Vedanta Resources plc (LSE:VED) press release.