Vedanta Resources PLC Update and Aluminium and Power (2553I)
30 August 2016 - 4:00PM
UK Regulatory
TIDMVED
RNS Number : 2553I
Vedanta Resources PLC
30 August 2016
Vedanta Resources plc
16 Berkeley Street
London W1J 8DZ
Tel: +44 (0) 20 7499 5900
Fax: +44 (0) 20 7491 8440
www.vedantaresources.com
26 August 2016
Vedanta Resources plc
Update on Aluminium and Power
Vedanta Resources plc's subsidiary Vedanta Limited today made
the below announcement.
Vedanta Limited
Update on Aluminium and Power
Third unit of Talwandi Sabo Power Plant achieved COD (Commercial
Operation Date)
Vedanta Limited announces that the third 660 MW unit of its
Talwandi Sabo Power Plant in Punjab has been put to commercial
production on 24(th) August 2016 and will be capitalized in
September 2016.
Jharsuguda-II and BALCO-II smelter ramp-up update
The commissioning of pots at the first line of the 1.25mtpa
Jharsuguda-II Aluminium smelter was completed in end July 2016.The
first line was impacted by a pot failure incident due to a power
shut down in early August, post which 168 pots were taken out of
production. The impacted pots are currently being repaired and
relined. The commissioning of the second line commenced in July
2016 with 65 pots commissioned till date, and this line will ramp
up in the next 3-6 months. We plan to start commissioning of pots
at the third line of the smelter in September 2016, well ahead of
our earlier schedule of Q4 FY2017.
The 325kt BALCO-II smelter was successfully commissioned with
all 336 pots operational in August, and are expected to be
capitalized by October 2016.
The current run-rate of Aluminium production is c.1 mtpa, and
the overall FY2017 volume guidance remains unchanged at 1.2mn
tonnes.
Coal linkage secured through auctions for captive power
plants
The auction of coal linkages for captive power plants were
conducted by Coal India Limited in August 2016 and we have secured
6.09 million tonnes per annum in this auction for our captive power
plants, that supplies power to our Aluminium smelters at Jharsuguda
and Balco. The tenor of the linkage is 5 years with an option to
extend this further. The premium paid was INR 96 per tonne, which
is c. 10% over the Coal India linkage price for captive power
plants. This will contribute to the long-term security of coal
requirement at a competitive price.
For further information, please contact:
Communications Finsbury
Roma Balwani Daniela Fleischmann
President- Group Communications, Tel: +44 20 7251 3801
Sustainability and CSR vedanta@finsbury.com
Tel: +91 22 6646 1000
gc@vedanta.co.in
Investors
Ashwin Bajaj Tel: +91 22 6646 1531
Director - Investor Relations ir@vedanta.co.in
Radhika Arora
Associate General Manager
- Investor Relations
Ravindra Bhandari
Manager - Investor Relations
About Vedanta Resources plc
Vedanta Resources plc ("Vedanta") is a London listed diversified
global natural resources company. The group produces aluminium,
copper, zinc, lead, silver, iron ore, oil & gas and commercial
energy. Vedanta has operations in India, Zambia, Namibia, South
Africa, Ireland and Australia. With an empowered talent pool
globally, Vedanta places strong emphasis on partnering with all its
stakeholders based on the core values of trust, sustainability,
growth, entrepreneurship, integrity, respect and care. For more
information, please visit www.vedantaresources.com.
Disclaimer
This press release contains "forward-looking statements" - that
is, statements related to future, not past, events. In this
context, forward-looking statements often address our expected
future business and financial performance, and often contain words
such as "expects," "anticipates," "intends," "plans," "believes,"
"seeks," "should" or "will." Forward-looking statements by their
nature address matters that are, to different degrees, uncertain.
For us, uncertainties arise from the behaviour of financial and
metals markets including the London Metal Exchange, fluctuations in
interest and or exchange rates and metal prices; from future
integration of acquired businesses; and from numerous other matters
of national, regional and global scale, including those of a
political, economic, business, competitive or regulatory nature.
These uncertainties may cause our actual future results to be
materially different that those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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