Vedanta Resources (LSE: VED) hit a record quarterly production volumes for mined zinc and lead, aluminium and iron ore during the 12 weeks ended 31 December 2009. The FTSE100 constituent also achieved a company record for commercial power sales in the third quarter. For the whole nine month period, Vedanta said it had strong earnings, resulting from higher volumes, efficient cost management and recovering commodity prices.
During Q3, the company achieved its highest ever zinc and lead mined metal production of 200,000 tonnes, while refined zinc and lead metal production remained stable at 169,000 tonnes. Silver production was up 48% at 1.38 million ounces. Vedanta achieved record quarterly iron ore production of 5.40 million tonnes in the period, representing a increase of 36% compared with the previous year.
The increased output was largely a result of the additional production resulting from the Dempo acquisition. Aluminium production reached 130,000 tonnes in the third quarter, a 7% increase over Q308. The company achieved the improved level of production despite the closure of its BALCO-I and MALCO smelters.
Vedanta revealed a substantial increase in energy sales during the period, selling 589 million units of power in Q3 compared the 42 million units sold the same period in 2008.
Copper cathode production was also improving during the period. In Zambia, Vedanta produced significantly higher levels of copper cathodes in the third quarter, with 42,000 tonnes including 14,000 tonnes from purchased concentrate, compared with Q308’s total output of 25,000 tonnes. Vedanta’s Zambian subsidiary has ramped up production at its new Nchanga smelter.
Among its other copper businesses, in India the Tuticorin smelter produced 85,000 tonnes, 12% more copper cathode compared with the corresponding quarter last year. 4,000 tonnes of copper were produced at the company’s Australian Mine in Q3. The mine has been ramping-up following the resumption of operations in October 2009.
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