Q2 Highlights
- Continued production growth in zinc,
lead, silver and power
- Commissioned the 100 ktpa Dariba Lead
Smelter
Zinc – India
Mined metal production was 210,000 tonnes in Q2 and 398,000
tonnes in H1, up 2% and 3%, respectively, as compared with the
corresponding prior periods, reflecting near normal production at
Rampura Agucha following the maintenance shutdown in Q1. Ramp-up of
the SK mine is on track to achieve its targeted 2 mtpa capacity by
the end of the year.
Refined zinc production was 185,000 tonnes in Q2 and 378,000
tonnes in H1, up 5% and 11%, respectively, primarily due to
improved operational performance at our hydro smelters. Refined
lead production was 17,000 tonnes in Q2 and 33,000 in H1, up 6% and
6%, respectively, primarily due to volumes from the new 100kt
Dariba lead smelter, which was commissioned and capitalized during
the quarter.
Silver production was 1.58 million ounces in Q2 and 3.09 million
ounces in H1, up 12% and 10%, respectively. The new silver refinery
is planned to be commissioned in the current quarter. With the ramp
up of the SK mine and commissioning of the refinery, our silver
capacity will reach 16 million ounces by the end of FY2011-12.
Zinc – International
Total equivalent zinc-lead production was 114,000 tonnes in Q2
and 233,000 tonnes in H1, down 2% and up 5%, respectively, as
compared with the corresponding prior periods. This comprised
production of zinc-lead concentrate of 77,000 tonnes MIC in Q2 and
157,000 tonnes MIC in H1 at BMM and Lisheen, and refined zinc
production of 37,000 tonnes in Q2 and 76,000 tonnes in H1 at
Skorpion.
Copper
During Q2, the Tuticorin copper smelter produced 87,000 tonnes
of copper cathode, 28% higher than the corresponding prior quarter.
Production in the prior year period was lower on account of a
planned bi-annual maintenance shut-down. During H1, production of
copper cathode was up 11% at 161,000 tonnes.
Mined metal production at Australia was 5,000 tonnes in Q2 and
11,000 tonnes in H1.
Construction of the 160MW captive power plant at Tuticorin is in
progress and the first unit is scheduled for commissioning in Q4
FY2012. The 400 ktpa copper smelter expansion project at Tuticorin
is awaiting approval.
Following the submission of the NEERI (National Environmental
Engineering Research Institute) report and comments of the State
Government and the State Pollution Control Board, the Supreme Court
has reserved its order on interim directions.
Aluminium (BALCO)
Aluminium production at BALCO was 60,000 tonnes in Q2 and
121,000 tonnes in H1 lower by 8% and 5% respectively, as compared
with the corresponding prior periods. The Korba smelter continues
to operate above its rated capacity. Aluminium costs were higher
due to higher coal prices.
The first unit of the BALCO 1,200 MW (4x300 MW) captive power
plant is now expected to be synchronised in Q3 FY2011-12 and work
on the other units is progressing as planned. The 325 ktpa Korba
smelter construction is progressing well and first metal tapping is
expected in Q4 FY2011-12
Energy
We sold 1,748 million units of power in Q2 as compared with 463
million units in the corresponding prior quarter. We sold 3,415
million units of power in H1, compared to 943 million units in the
corresponding prior period. The significant increase was mainly due
to power sales from the new 2,400 MW power plant at Jharsuguda.
However, coal supplies to Jharsuguda were adversely affected due to
heavy rainfall in the coal belt, affecting our ability to generate
power at our rated capacity. While we are currently seeing higher
power tariffs, H1 saw lower tariffs despite higher coal prices.
The third unit of the Jharsuguda 2,400 MW (4x600MW) power
project is expected to be commissioned in Q3 FY 2011-12. Work on
the Talwandi Sabo supercritical power project is progressing as
scheduled.105MW of the 150MW wind power expansion project has been
commissioned by H1, and the balance 45MW is expected to be
completed in the current quarter.
Production Summary (Unaudited)
( in ’000 tonnes, except as stated)
Quarter ended 30 September Half Year
Ended 30 September Particulars 2011
2010 Change 2011 2010
Change Zinc India
Mined metal content 210 205 2% 398 387 3% Zinc –
refined 185 176 5% 378 341 11% Lead - refined 1 17 16 6% 33 31 6%
Silver (in ‘000 ounces) 2 1,584 1,413 12% 3,088 2,806 10%
Zinc
International Mined
metal content – BMM and Lisheen 77 - - 157 - - Refined Zinc –
Skorpion 37 - - 76 - -
Copper- India / Australia
Copper - Mined metal content 5 7
(29%) 11 14 (21%) Copper - Cathodes 87 68 28% 161 145 11%
Aluminium Korba II
60 65 (8%) 121 128 (5%)
Energy (in million units)3 1,748 463
278% 3,415 943 262% SEL 1,267 49 - 2,404 49 - BALCO 270 MW 387 362
7% 811 774 5% HZL Wind 94 52 82% 200
120 66% 1. Including captive consumption of
2,739 tonnes in H1 FY 2011-12 vs 2,812 tonnes in H1 FY 2010-11 and
1,348 tonnes in Q2 FY 2011-12 vs 1,646 tonnes in Q2 FY 2010-11. 2.
Including captive consumption of 463,000 ounces in H1 FY 2011-12 vs
474,000 ounces in H1 FY 2010-11 and 231,000 ounces in Q2 FY 2011-12
vs 277,000 ounces in Q2 FY 2010-11. 3. Does not include sales of
surplus power from captive power plants.
About Sterlite Industries
Sterlite Industries (India) Limited is India’s largest
diversified metals and mining company. The company produces
aluminium, copper, zinc, lead, silver, and commercial energy and
has operations in India, Australia, Namibia, South Africa and
Ireland. The company has a strong organic growth pipeline of
projects. The company is setting up 5,040 MW independent thermal
power plants through its subsidiary Sterlite Energy Limited.
Sterlite Industries is listed on the Bombay Stock Exchange and
National Stock Exchange in India and the New York Stock Exchange in
the United States. For more information, please visit
www.sterlite-industries.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.
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