Jeu 17 Mai 2012 11:15
resultat vedanta
COPPER – ZAMBIA
(in US$ million, except as stated)
FY 2011-12 FY 2010-11 % Change
Production (kt)
Mined Metal 99 90 10.0%
Cathode: 200 217 (7.8)%
Integrated 139 133 4.5%
Custom 61 84 (27.4)%
A verage LME cash settlement prices (US$ per tonne) 8,475 8,138 4.1%
U nit costs (US cents per lb) 236.8 197.5 19.9%
Revenue 1,709.8 1,825.0 (6.3)%
EBITDA 387.9 439.9 (11.8)%
EBITDA Mar gin 22.68% 24.1% -
O perating (Loss) / Profit 220.9 309.1 (28.5)%
Key Achievements
„ Integrated production up by 4.5% at 139kt
„ Nchanga East concentrator and cobalt recovery furnace commissioned
„ Key infrastructure for KDMP completed including commissioning of the mid-shaft loading
station
„ Continued exploration success with Reserves and Resources as at 31 March 2012 stands at
689mt
Strategic Priorities
„ Deliver multi-source production growth
„ Drive cost reduction through productivity enhancement and by-product strategy
„ Completion of the Shaft 4 infrastructure by Q3 FY12
„ Ramp up mine development at Konkola to increase production
„ Completion of the new West Mill concentrator at Nchanga
„ Start production at the Nchanga UOB mine
„ Enhancing options through brownfield and greenfield exploration
Market Overview
The Zambian copper belt has in the recent past attracted substantial, high profile investment
interest with its large, higher grade deposits with growth opportunities in a stable political
environment. This is against the global backdrop of declining production and continued strong
demand. Since our acquisition of KCM we ha ve invested US$2.5 billion principally on
developing the Konkola Deep Mine Project (KDMP) and the new 311ktpa capacity Nchanga
smelter along with sustaining and other Capex. With this renewed investment focus by major
players including Konkola, Zambia copper production is on a trajectory to reach a record
production of one million tonnes per year by 2013. This growth will contribute to Africa
achieving the fastest growth rate in mined metal production over the next few years.
Copper demand in Africa is growing due to better economic conditions and improving
consumptions patterns amongst the African demographics. The commitment by the
government to reforms seen over the past few years has helped to improve the political stability
in Zambia which has encouraged investors into the country.
Operations
Integrated copper production was 4% higher at 139kt for the full year. Total copper cathode
production was 7% lower at 200kt for the full year, due to lower volumes from custom smelting
on account of lower availability of concentrate.
Vedanta Resources plc Page 36 of 73
Results For The Year En ded 31 March 2012
The unit cost of production was 237 US cents per lb in FY 2011-12, up 19.9% compared with FY
2010-11. The cost increased due to higher pre-stripping cost, wages and higher power costs.
EBITDA in FY 2011-12 was US$387.9 million (FY 2010-11: US$439.9 million), impacted by higher
production costs.
Projects
The new 7.5mtpa Nchanga East Concentrator and the second Cobalt Recovery Furnace were
commissioned during the quarter and are ramping up well. The new 3mtpa Nchanga West
Concentrator is now expected to be commissioned in Q1 FY 2012-13. At KDMP, work is
progressing on schedule, and the bottom shaft loading is expected to be completed by Q3 FY
2012-13.
Exploration
The Company continued its extensive exploration programme resulting in no depletion of its
R&R (excluding tailings and refractory stockpiles). The ore bodies at Kakosa and Mimbula have
been well defined, adding potential in open pi t mining. The Company is also seeking new large
prospecting licenses for additional exploration.
Outlook
Given the strong outlook of the copper market fundamentals and the investments in Konkola,
the company is well poised to deliver results in line with expectations.
Copper Zambia
Integrated production up 5%
− Commissioned 2900level high speed tramming facility
increasing mine development pace
− Copper smelter recovery at 98.5%
− Costs affected by higher power, fuel and labour costs
− UOB – trial mining successfully completed, confirmed
higher grades of Copper and Cobalt
Commissioned during the year
− 2nd Cobalt Recovery Furnace commissioned in Q4,
fully ramped4up in April
Production and Cash Costs
Copper Zambia
FY2011 FY2012
Mined Metal 144 142
Refined Metal – Integrated 133 139
Refined Metal 4 Custom Smelting 84 61
CoP – Integrated ($/lb) 1.97 2.37
440
388
FY 2011 FY 2012
− 7.5mt East Mill commissioned in Q4, ramping4up
− TLP4IV debottlenecking to 75ktpa completed
Exploration: Maintained track record of R&R replacement
FY2013 Priorities:
− 3mt West Mill to be commissioned in Q2FY2013
− Accelerate Konkola mine development pace to
60km/year
− Bottom shaft loading at KDMP by Q3 4 Platform for
25430% year4on4year growth in mined metal
− Start regular mining at UOB
− 175kt Integrated Production