Vedanta Sets Aluminium Production Records in Fourth Quarter and Full Year of Fiscal 2017
12 April 2017 by Staff
London-based metals firm Vedanta Resources plc released numbers for the fourth quarter and full year of fiscal 2017 yesterday, boasting of record annual production levels in primary aluminium, among other products.
Vedanta’s total aluminium production for the fourth quarter came to 353 thousand metric tons, a 56% increase year-on-year over the previous Q4’s total of 226 thousand metric tons, and an 11% increase quarter-on-quarter over Q3’s total of 319 thousand metric tons. The quarter’s total set a production record and was propelled mainly by ramp-ups at Jharsuguda-II and Balco-II, which were both recovering from pot outages earlier in the year.
Stabilized production (excluding test runs) came to 307 thousand metric tons in the quarter, arriving at a run rate of 1.4 million metric tons, with a 1.2-million-metric-ton stabilized run rate.
Aluminium production for the year totaled 1,213 thousand metric tons, a 31% increase year-on-year over FY 2016’s total of 923 thousand metric tons. The year’s total was also a production record for the firm.
Alumina production for the year totaled 1.21 million metric tons, a 24% increase year-on-year, bolstered by the second stream of production coming online on April 1.
“In line with our strategic priority to ramp up production at our Zinc, Aluminium, Power and Iron Ore businesses, I am happy to say that we have achieved strong results on this front during the year,” remarked Vedanta’s chief executive officer Tom Albanese. “In particular, record production levels at Hindustan Zinc are well-timed in these strong commodity markets. We remain committed to the turnaround of KCM. The merger of Vedanta Limited and Cairn India is set for completion in due course. In addition, we have carried out a number of proactive measures to strengthen the balance sheet, while maintaining our commitment to prudent cost management, to deliver strong returns for all stakeholders.”