Vedanta logs growth of 1% in Q1FY24 zinc production

4 Jul 2023 , 10:24 AM

Vedanta, a global diversified natural resources company, announced on Monday that overall zinc production increased 1% year-on-year and 9% quarter-on-quarter to 68 kilotonnes (KT), primarily due to the Black Mountain mine (BMM).

According to an exchange filing, Gamsberg production was down 7% y-o-y at 49 kt due to lower zinc grade, but up 2% QoQ due to higher throughput.

Higher throughput, higher lead grades, and higher zinc recoveries drove a 29% y-o-y and 34% QoQ increase in Black Mountain Mine production to 19 kt. The Skorpion mine, on the other hand, remained under care and maintenance throughout the quarter.

The average gross operated production of oil and gas for the company was 134,867 boepd (barrels of oil equivalent per day). The average gross production for the Rajasthan block was 111,916 boepd. Gross production stood at 96,693 boepd in Development Area-1 (DA-1), 15,140 boepd in Development Area-2 (DA-2), and 82 boepd in Development Area-3 (DA-3), respectively.

Due to operational inefficiency, Karnataka iron ore saleable ore production fell 9% year-on-year and 24% on a QoQ basis. Pig iron production jumped by 13% y-o-y and 15% QoQ on the back of improved operational efficiency and a better process system.

Total saleable steel output increased by 20% year-on-year to 324 kt. FACOR ore production decreased by 46% y-o-y. Cathode production at Silvassa was 31 kt, a 19% decrease year-on-year. Overall power sales increased by 19% year-on-year.

At around 10.18 AM, Vedanta was trading marginally lower at Rs 278, against the previous close of Rs 278.10 on NSE.

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