Vedanta Resources Posted Record Aluminium Production Total Last Quarter
13 October 2017 by Staff
London-based Indian metals and mining firm Vedanta Resources plc released production totals for the second quarter and first half of FY 2018 on Tuesday, posting record production totals across several segments including that of aluminium.
The firm produced a company-record total of 401 thousand metric tons in the quarter ending September 30, a 36-percent rise year-on-year from last year’s second-quarter total of 296 thousand metric tons. That total was also an improvement quarter-on-quarter, up 14 percent from last quarter’s total of 352 thousand metric tons. Vedanta chalks this improvement up to ramp ups at both Jharsuguda II and Balco II smelters in the previous quarter.
Vedanta also turned in an improvement in the first half’s production total, churning out 753 thousand metric tons, a 39-percent jump from last year’s first-quarter total of 541 thousand metric tons.
Overall, Vedanta’s exit monthly run rate of aluminium production (excluding trial run production) as of the end of September was 1.6 million metric tons per annum. The firm says it expect the fiscal year’s final run rate of aluminium to be between 1.5 million to 1.6 million metric tons per annum.
Alumina production was off both in the quarter and in the half, however. The company’s refinery at Lanjigarh produced 269 thousand metric tons last quarter, an 8-percent fall from last year’s second half total of 292 thousand metric tons, and off 11 percent from the firm’s first-quarter total of 303 thousand metric tons. However, the first-half total of 572 thousand metric tons was up by 1 percent from last year’s first-half total of 567 thousand metric tons. Vedanta explains the numbers as a result of lower volumes of bauxite ore on hand due to transport bottlenecks from their mines at Chhattisgarh.
“I feel privileged to take on the helm of a business with Tier 1 assets and I am very excited to be here,” said Vedanta Resources’ Interim CEO Kuldip Kaura. “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.”