Indian focused mining group Vedanta Plc posted a 35% jump in third quarter core earnings driven by strong metals prices and higher output after buying zinc operations from Anglo American.
Zinc Lead Silver production update in India
Mined metal production in Q3 was a record 222,000 tonnes, 11% higher than the corresponding prior period. Refined zinc production was 20% higher in Q3 at a record 178,000 tonnes. Zinc production for the nine months ended 31 December 2010 was 519,000 tonnes, 21% higher than the corresponding prior period. The 210,000 tonnes per annum Zinc smelter at Dariba Smelting Complex contributed 46,000 tonnes and 119,000 tonnes during Q3 and the nine month period respectively.
Lead production in Q3 was 14,000 tonnes as compared with 21,000 tonnes in the corresponding prior period, 33% lower due to a maintenance shutdown at the Ausmelt and Pyro Smelters.
Lead production for the nine month period was 46,000 tonnes compared with 52,000 tonnes during the corresponding prior period.
Silver production during Q3 and the nine month period was 1.35 million ounces and 4.16 million ounces, respectively. The new 1.5 million tonne per annum mill at the silver rich SK mine has been commissioned.
Sales in Q3 were augmented by sales of 36,000 and 13,000 dry metric tonnes of surplus zinc and lead concentrate respectively.
EBITDA for the quarter increased to USD 332.3 million from USD 286.7 million in the corresponding prior period. Increased volumes, higher LME prices and operational efficiencies were partially offset by higher coal cost and higher stripping ratio.
Commissioning of the 100 ktpa Lead smelter at Dariba Smelting Complex is expected in Q4 FY 2010-11, and will take the zinc-lead capacity of our India operations to 1,064 ktpa.
Skorpion Zinc, Namibia
The acquisition of Skorpion Zinc, Namibia was completed in early December 2010. During December 2010, Skorpion produced 13,200 tonnes of refined Zinc and generated an EBITDA of USD 13.7 million.
Q3 Highlights
1. Record mined metal production volumes at Zinc-Lead and Copper-Zambia operations, up 11% and 18% respectively
2. Record quarterly EBITDA of USD 895 million up 35%
3. 1.5 million tonne per annum mill at silver rich SK Mine commissioned
4. Second 600 MW unit of 2,400 MW Jharsuguda power plant synchronized
5. Completed acquisition of Anglo American Zinc’s Skorpion Mine in Namibia
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