01 AUGUST 2012Platts
India's Vedanta ups Q1 aluminium production by 7%
Edited by : AL CIRCLE
1 min read
Indian miner Vedanta Resources' total aluminium production was up 7% for the first quarter of its 2013 financial year at 185,000 mt, from 173,000 mt in the previous quarter, the company said Tuesday.
"Production at the Jharsuguda-I 500,000 mt smelter was 11% higher at 124,000 mt. The BALCO-II smelter was stable and produced 60,000 mt," the company said.
Vedanta's 1 million mt/year Lanjigarh alumina refinery produced 218,000 mt of alumina in Q1, down 3% from the 224,000 mt it produced in Q4.
Earnings before interest, taxes, depreciation, and amortization for aluminium in Q1 were lower at $49.3 million, down 52% compared to $101.9 million in the previous quarter.
Vedanta said the lower earnings were due to a 24% fall in LME aluminium prices, a $25 million mark-to-market loss on foreign currency borrowings on account of the depreciation of the Indian Rupee and 20% lower power sales from its BALCO 270 MW power plant.
The company said that lower earnings were partially offset by lower costs of production and higher aluminium premiums.
"Production at the Jharsuguda-I 500,000 mt smelter was 11% higher at 124,000 mt. The BALCO-II smelter was stable and produced 60,000 mt," the company said.
Vedanta's 1 million mt/year Lanjigarh alumina refinery produced 218,000 mt of alumina in Q1, down 3% from the 224,000 mt it produced in Q4.
Earnings before interest, taxes, depreciation, and amortization for aluminium in Q1 were lower at $49.3 million, down 52% compared to $101.9 million in the previous quarter.
Vedanta said the lower earnings were due to a 24% fall in LME aluminium prices, a $25 million mark-to-market loss on foreign currency borrowings on account of the depreciation of the Indian Rupee and 20% lower power sales from its BALCO 270 MW power plant.
The company said that lower earnings were partially offset by lower costs of production and higher aluminium premiums.
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