29 Feb 2016 09:22
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Don't have an account? Click here to register.Vedanta reports stable production in first quarter
Mon, 01st Aug 2016 07:47
(ShareCast News) - Vedanta Resources posted its production numbers for the first quarter to 30 June on Monday, with production stable and the contribution from Mangala Enhanced Oil Recovery - the world's largest polymer EOR program - increasing to 42 kboepd.The FTSE 250 firm reported Rajasthan water flood opex at $4.4/boe, and a blended cost at $6.4/boe.In Zinc India, silver production was up 20% year-on-year, although there was a lower mined metal production as per plan, and H2 production expected to be substantially higher than H1.Vedanta said it maintained first decile cost of production, and in Copper Zambia, Konkola underground production was up 2% year-on-year due to improved equipment availability with the overall cost of production 8% lower.Vedanta's aluminium division saw an exit production run-rate of 1.1mtpa.It reported the ramp-up of the first line of the 1.25mt Jharsuguda-II smelter was completed, with the second line commenced in July and the 325 kt BALCO-II smelter nearing completion.The firm's iron ore production at Goa ramped up, to see 40% of allocated annual capacity produced at Goa in Q1.Vedanta's power unit saw the two units at TSPL operated at 72% availability, with the third unit to be capitalized in Q2, and at BALCO the second 300 MW IPP unit was capitalised during the period.Vedanta's gross debt was reduced by around $0.3bn during the quarter, with FY17 bond maturities paid.The company said it repaid $680m of 6.75% bonds due in June 2016 and $515m of 5.5% convertible bonds due in July.It also announced revised and final terms for the Vedanta Ltd and Cairn India merger on22 July, with the transaction expected to complete in the current financial year."We have made good progress on the ramp up of capacities at our Aluminium, Power and Iron Ore businesses during the quarter," said Vedanta chief executive Tom Albanese."These would be significant contributors to earnings as the year progresses."Albanese said Zinc-India was impacted by lower mined metal production as per the mine plan, and the second half is expected to be substantially higher with the company also making good progress towards optimising costs at Copper-Zambia."We are focused on generating strong free cash flow and de-levering the balance sheet, in line with our strategic priorities."Another of these priorities, the simplification of the group structure, is also on track following the recent announcement of the revised and final terms for the Vedanta Ltd-Cairn India merger," Albanese added.
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27 Feb 2016 11:31
Vedanta wins gold-hungry India's first mine auction
NEW DELHI, Feb 27 (Reuters) - Vedanta Ltd has won India's first-ever auction of a gold mine, a provincial government official said, as the nation opens up the sector to private companies to curb overseas purchases of the metal that cost it $36 billion last year. Vedanta, a unit of London-li
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FTSE 250 movers: Home Retail leads risers over possible bidding war
(ShareCast News) - The FTSE 250 was firmly in the black on Monday, up 124.90 points (0.77%) to 16,282.96 by mid-afternoon. Home Retail Group led the risers following media reports over the weekend that Sainsbury's could seek an extension to the Takeover Panel's 18 March deadline, after South African
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Zambia approves price-based royalties for copper mines
LUSAKA, Feb 17 (Reuters) - Zambia's cabinet has approved a new royalty system that varies depending on the copper price as Africa's second-biggest producer seeks to keep struggling mines open and limit job losses, government said on Wednesday. Mining companies operating in Zambia including
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FTSE 250 miners: Metals and oil stocks rebound
(ShareCast News) - The FTSE 250 was in the black on Friday, with the index up 231.28 points (1.52%) to 15,410.08 by mid-afternoon. Miners featured at the top of the risers list as metal prices rebounded, with shares in Vedanta Resources up nearly 8% as a result. The company also said it is cutting
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UPDATE 1-Zambia to resume issuing new mining licences
(Adds details) LUSAKA, Feb 4 (Reuters) - Zambia has resumed issuing new mining licences, and granting renewal and transfer of rights which it had suspended in August last year, its mines minister said on Thursday. Under the new rules, the government has increased the area of explorati
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Zambia resumes issuance of new mining licences suspended in August
LUSAKA, Feb 4 (Reuters) - Zambia has resumed the issuance of new mining licences, renewal and transfer of rights which it suspended in August last year, its mines minister said on Thursday. Mines minister Christopher Yaluma said the government had since the suspension established new licens
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Deutsche Bank cuts Vedanta Resources' target price
(ShareCast News) - Vedanta Resources shares dropped after Deutsche Bank cuts its target price for the mining company from 200p to 185p on lower than expected iron ore sales and higher power costs. The bank said Vedanta now expects to sell 3.5mt from the Goa mine, down from between 5mt and 5.5mt. "[
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FTSE 250 movers: Vedanta and Just Eat fall on broker notes
(ShareCast News) - The FTSE 250 started the month in the red, down 68.05 points (0.41%) to 16,419.67 by mid-afternoon on Monday. Vedanta Resources sank after Deutsche Bank cuts its target price for the mining company from 200p to 185p on lower than expected iron ore sales. The bank said Vedanta now
Read more29 Jan 2016 14:55
FTSE 250 movers: Tullett Prebon leads market to higher weekly close
(ShareCast News) - The FTSE 250 was set to end the week on a high, with the second tier market up 226.12 points (1.40%) to 16,422.67 by mid-afternoon on Friday. Shares in Tullett Prebon surged after it said market activity in the last two months of 2015 was higher than experienced in the same period
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