30 July 2014

Vedanta Resources Plc

Production Release for the First Quarter ended 30 June 2014

Q1 Highlights

·     Oil & Gas:

o  Sustained production at ~220 kboepd; significant exploration and appraisal activity underway at Rajasthan for continued growth

o  Significant extension of existing gas play at Rajasthan in and around the Raageshwari Deep Gas (RDG) field

·     Zinc-India: Production in line with mine-plan, and higher mined metal expected in H2; optimizing open pit and transition to underground

·     Aluminium: First phase of 325kt Korba-II smelter commenced production, Lanjigarh alumina refinery continues to operate above 90% utilization

Oil and Gas


Q1

Q4

Full Year

Particulars

FY2015

FY2014

% change YoY

FY2014

FY 2014

OIL AND GAS (boepd)






Average Daily Total Gross Operated Production1

226,597

220,088

3%

232,884

226,548

Average Daily Gross Operated Production

217,869

212,442

3%

224,429

218,651

Rajasthan

183,164

173,517

6%

190,881

181,530

Ravva

23,940

28,253

(15%)

24,225

27,386

Cambay

10,765

10,672

1%

9,323

9,735

Average Daily Working Interest Production

137,907

132,087

4%

142,796

137,127

Rajasthan

128,215

121,462

6%

133,616

127,071

Ravva

5,386

6,357

(15%)

5,451

6,162

Cambay

4,306

4,269

1%

3,729

3,894

Total Oil and Gas Production (million boe)






Oil & Gas- Gross

19.83

19.33

3%

20.2

79.81

Oil & Gas-Working Interest

12.55

12.02

4%

12.85

50.05

Revenue(US$ million)

748.0

726.0

3%

816.8

3,092.8

EBITDA(US$ million)

549.9

545.7

1%

608.5

2,347.0

During Q1, average daily gross production was 217,869 barrels of oil equivalent (boe), 3% higher than the corresponding prior period, driven by ramp-up at the Rajasthan block.

As compared to Q4 FY2014, production at Rajasthan in Q1 was lower due to an unplanned outage at the Mangala Processing Terminal (MPT) in May 2014, resulting in a reduced facility uptime of c.96%. The MPT is scheduled to have a 10-day maintenance shutdown in August 2014, which will affect the average daily gross production during Q2FY2015.

However, we would be utilizing this opportunity to tie-in new facility enhancements related to the development projects.

Revenue and EBITDA in Q1 were marginally higher compared to the corresponding prior period due to higher volumes and oil prices, offset by the shift to a higher profit petroleum tranche at the Rajasthan block. The operating expense in Rajasthan was US$ 4.2/bbl for Q1 FY2015. EBITDA in Q1 was lower than Q4 FY2014 largely due to the increase in profit petroleum.

The Enhanced Oil Recovery (EOR) programs at the Mangala field is on track to commence first polymer injection by the end of FY2015. Development projects at Barmer Hill (BH) and gas development at Raageshwari Deep Gas (RDG) field continue to be on track. We have also drilled 7 successful exploration and appraisal wells at Rajasthan during the quarter.

We extended a significant existing gas play, with multi-TCF potential, in and around the RDG field, and are acquiring equipment to double RDG production volumes by Q4 FY2015. Front end engineering and tendering for construction of new pipeline and facilities for the gas development are underway. The Bhogat terminal, marine facilities and the Salaya-Bhogat pipeline are under pre-commissioning, and gas has been introduced into the Bhogat terminal.

At BH and satellite fields, we undertook our largest tight oil development activity to date and commenced production from the Mangala BH and Aishwariya BH fields during the quarter.

Since resumption of exploration in March 2013, we have established 1.2bn boe of hydrocarbons in-place against our 3-year drill-out target of 3bn boe with 8 discoveries at Rajasthan. An additional ~0.6bn boe has been discovered and is under evaluation. The current drilling activities are expected to establish an additional 1.2bn boe of hydrocarbons in-place during FY 2015-2016, enabling us to achieve target volumes significantly ahead of plan. These new discoveries and prospect volumes will take the total discovered hydrocarbons in-place at Rajasthan to over 7 billion boe. An additional un-risked prospect inventory of approximately 3bn boe has been identified for drill-out commencing FY2016.

In Q1 FY2015, production at Cambay was at 10,765 boepd, with an uptime of 99.7%. Production was higher on account of successful well intervention measures undertaken in the previous quarter. Production at Ravva was at 23,940 boepd, supported by volumes from 3 new 4D-infill wells, with a plant uptime of 99.7%.



Zinc India


Q1

Q4

Full Year

Particulars (in'000 tonnes, or as stated)

FY2015

FY2014

% change YoY

FY2014

FY2014

Mined metal content

163

238

(31%)

200

880

Refined Zinc - Total

141

174

(19%)

182

749

Refined Zinc - Integrated

139

173

(20%)

179

743

Refined Zinc - Custom

2

1

138%

4

6

Refined Lead - Total 2

31

31

(1%)

36

123

Refined Lead - Integrated

22

27

(21%)

29

111

Refined Lead - Custom

9

3

157%

7

12

Saleable Silver - Total (in '000 ounces) 3

2.64

3.09

(15%)

2.93

11.24

Saleable Silver - Integrated (in '000 ounces)

1.79

2.48

(28%)

2.18

9.66

Saleable Silver - Custom (in '000 ounces)

0.85

0.61

39%

0.75

1.58

Revenue (US$ million)

485.9

513.7

(5%)

577.2

2,195.4

EBITDA (US$ million)

230.2

257.6

(11%)

291.8

1,145.0

During Q1, mined metal production was 31% lower than the corresponding prior quarter, in line with our mine plan at Rampura Agucha (RAM), which involves lower mined metal production in the first half of the year as we excavate more waste than ore. With improving open pit grade cycles, we expect to have higher production in the second half of this year. The full year production of mined metal is expected to be marginally higher than FY2014.

Integrated production of refined zinc, lead and silver was lower than the corresponding prior period and in line with the mined metal production in the quarter.

The cost of production5,6 (COP) of zinc excluding royalty was higher at US$937 per tonne as compared with US$836 per tonne in the corresponding prior quarter primarily driven by lower volumes, planned shutdowns and higher mine development costs.

EBITDA was lower at US$230.2 million, as compared with the corresponding prior period, as t he favourable impact of higher zinc and lead prices was more than offset by higher COP and lower volumes.

During Q1, total underground mine development completed was 15% higher across mines. The RAM and Sindesar Khurd shaft projects are progressing well. At RAM, we continue to transition from open pit to underground mining, which started production in FY2014 and is currently ramping-up . We are also evaluating mine design and planning for further deepening of the pit to explore extension of the open pit . Overall, the expansion to 1.2mtpa of mined metal at Zinc-India is progressing well.



Zinc International


Q1

Q4

Full Year

Particulars (in'000 tonnes, or as stated)

FY2015

FY2014

% change YoY

FY2014

FY2014

Zinc International

84

90

(7%)

83

364

Refined Zinc - Skorpion

33

34

(4%)

33

125

Mined metal content - BMM and Lisheen

51

56

(9%)

50

239

Revenue(US$ million)

144.4

167.4

(14%)

189.1

661.4

EBITDA(US$ million)

38.4

53.5

(28%)

71.7

213.4

Refined Zinc metal production at Skorpion was marginally lower than the corresponding prior quarter. Zinc-Lead mined metal production was lower due to drop in grades as per mine plan sequencing and shutdown of mill for maintenance at BMM.

EBITDA was at US$38.4 million, 29% lower than the corresponding quarter due to lower volumes and shifting of ~11,000 tonnes of sale of metal and concentrate parcels to Q2, affecting EBITDA by US$11 million.

We are evaluating the installation of a roaster at the Skorpion Refinery to treat sulphide ores from BMM and other neighbouring mines, and the detailed feasibility study for the refinery conversion is expected to be completed this financial year. We are conducting feasibility studies on Gamsberg and Swartberg to extend the mine life at the BMM mining complex.

Iron Ore


Q1

Q4

Full Year

Particulars (in million dry metric tonnes, or as stated)

FY2015

FY2014

% change YoY

FY2014

FY2014

IRON ORE






Sales

0.5

0.0


0.0

0.0

Goa

-

-


-

-

Karnataka

0.5

0.0


0.0

0.0

Production of Saleable Ore

0.0

-


1.5

1.5

Goa

0.0

-


-

-

Karnataka

0.0

-


1.5

1.5

Production ('000 tonnes)






Pig Iron

146

110

33%

133

510

Met Coke

126

85

49%

119

408

Revenue (US$ million)

85.6

64.7

32%

81.8

267.1

EBITDA (US$ million)

3.9

(8.4)

-

(1.6)

(24.2)

At Karnataka, the production was 0.01 million tonnes on account of a slow pace of sales through the e-auction process. However, e-auctions have picked up recently and we expect to produce at our provisional annual capacity of 2.29 million tonnes during the year.

At Goa, iron ore operations continue to remain suspended. The Goa Government is working towards formulation of its mining policy following the Supreme Court order of March 2014,

and we expect to start operations in the second half of FY2015 after obtaining the necessary approvals.

Production of pig iron and metallurgical coke were 33% and 49% higher at 146,000 tonnes and 126,000 tonnes, respectively as compared with the corresponding prior period as production ramped up.

We have identified significant tailings at Bomi and soft weathered cap ore at Mano. Initial studies indicate that these are easy to mine and beneficiate resources. We continue to work with the Liberia Government on infrastructure solutions for an early phase of mining operations.

Copper ― India and Australia


Q1

Q4

Full Year

Particulars (in'000 tonnes, or as stated)

FY2015

FY2014

% change YoY

FY2014

FY2014

Copper - Mined metal content

-

6

-

1

18

Copper -  Cathodes

66

16

-

98

294

Tuticorin Power Plant Sales(MU)

136

137

-

144

601

Revenue (US$ million)

797.6

440.2

81%

1,095.5

3,404.8

EBITDA (US$ million)

33.2

4.0

-

62.7

197.9

Copper cathode production at the Tuticorin smelter was lower than the preceding quarter at 66,000 tonnes, due to a planned 23-day maintenance shutdown and the smelter has ramped up well subsequently. Revenue and EBITDA are not comparable as the smelter was temporarily closed for most of the corresponding prior quarter. EBITDA is lower compared to Q4 FY2014 due to lower volumes and higher COP.

At our Australian mine, where production has been suspended since January 2014, a rock fall occurred in June, delaying the restart of the mine. The mine has been put on care and maintenance in July, and can be reopened after FY2016 if it is found to be technically and economically feasible after the completion of a program for additional exploration which involves drilling and exploring newly identified ore bodies .

Copper ― Zambia


Q1

Q4

Full Year

Particulars (in'000 tonnes, or as stated)

FY2015

FY2014

% change YoY

FY2014

FY2014

Mined metal

29

36

(18%)

27

128

Copper - Total

41

43

(4%)

40

177

Integrated

28

29

-

28

124

Custom

13

15

(12%)

12

53

Revenue (US$ million)

287.5

312.0

(8%)

273.7

1,271.4

EBITDA (US$ million)

28.0

48.8

(43%)

15.2

156.3

During Q1, mined metal production was 18% lower at 29,000 tonnes as compared with the corresponding prior quarter due to a temporary shutdown at Konkola and lower grades of acid soluble copper at the Tailings Leach Plant (TLP), which delivered 9% lower primary copper production of 13,500 tonnes.

Cost of integrated production excluding royalty was 6% higher at USc241/lb primarily due to lower mined metal volumes. The lower volumes and LME resulted in lower EBITDA of US$28.0 million. The EBITDA was however higher than Q4 FY2014 supported by the depreciation of local currency and cost control measures.

At Konkola, key improvement initiatives and technical interventions are progressing well. At Nchanga, a review is underway to extend mine life of the lower ore body (LOB) by 2 years to 5 years, while the upper ore body (UOB) project is under technical review.

During Q2 FY2015, the Nchanga smelter will undergo a month-long planned maintenance shutdown, and we have fully sourced the acid required by the TLP during this period.

Aluminium


Q1

Q4

Full Year

Particulars (in'000 tonnes, or as stated)

FY2015

FY2014

% change YoY

FY2014

FY2014

Alumina - Lanjigarh

233

0

-

227

524

Total Aluminum Production

203

195

4%

200

794

Jharsuguda-I

132

134

(1%)

135

542

245kt Korba-I

60

61

(1%)

64

251

325kt Korba- II 4

11

-

-

1

1

Revenue (US$ million)

438.5

436.9

-

488.2

1,785.4

EBITDA (US$ million)

88.4

50.8

74%

90.8

287.3

The Lanjigarh alumina refinery operated at 93% of its rated capacity and produced 233,000 tonnes in Q1, which is higher by 6,000 tonnes as compared to Q4 last year. The numbers for the corresponding prior period are not comparable as the plant was not operational then.

In Q1, production at the 500kt Jharsuguda-I & 245kt Korba-I smelters remained stable. The Jharsuguda-I smelter operated above its rated capacity despite recent grid failures.

Hot metal cost at Jharsuguda-I was US$1,636 per tonne as compared to US$1,676 per tonne earlier, with improved efficiencies, lower power cost and depreciation of the Indian Rupee (INR). Hot Metal cost at 245kt Korba-I was US$1,834 per tonne as compared to US$1,934 per tonne earlier, primarily on account of INR depreciation partially offset by higher power cost on account of further tapering of linkage coal.

Availability of domestic coal is expected to be affected by lower e-auction volumes, which could result in higher imports and coal costs leading to higher power costs for the smelters in the coming quarters.

EBITDA for the quarter was higher at US$88.4 million mainly due to improved metal premiums of ~$450/t and lower cost of production on account of INR depreciation as compared with the corresponding prior period.

The production at the 325kt Korba-II smelter continues to ramp up, and this smelter produced around 11,000 tonnes during Q1 with 74 pots online by the end of the quarter, and the balance 10 pots were turned on in July 2014. We will further ramp up this smelter to full capacity during FY2015 subsequent to the commissioning of the 1,200 MW power plant for which we are working on the final stages of regulatory approvals, which are expected to be received in Q2 FY2015.

During the year we plan to start the first phase of 50 pots of the 1.25 mtpa Jharsuguda-II smelter with the available surplus power from the 1,215 MW power plant, and subsequently ramp up further capacity with power from the 2,400 MW power plant after receiving necessary approvals.

Regarding the BALCO coal block, we have now received the forest diversion and the Rehabilitation and Resettlement (R&R) approvals, and are working with the State Government for execution of the mining lease.

Power


Q1

Q4

Full Year

Particulars (in million units)

FY2015

FY2014

% change YoY

FY2014

FY2014

Total Power Sales

2,599

3,177

(18%)

2,092

9,374

Jharsuguda 2400 MW

2,154

2,604

(17%)

1,701

7,625

MALCO

229

224

2%

231

911

HZL Wind Power

146

162

(10%)

76

448

BALCO 270MW Power

70

187

(63%)

84

390

Revenue (US$ million)

162.5

211.7

(23%)

125.4

621.7

EBITDA (US$ million)

66.7

76.9

(13%)

5.8

168.4

During Q1, power sales were 18% lower primarily due to lower sales from Jharsuguda 2,400MW plant on account of lower power realisation and transmission constraints. The Jharsuguda 2,400MW plant operated at a Plant Load Factor (PLF) of 45% in Q1 as compared with 54% during the corresponding prior period. Power sales from the BALCO 270MW power plant were lower as it supplied power for the ramp up of the 325kt Korba-II smelter.

At Jharsuguda 2,400 MW power plant, average power realizations reduced to Rs. 2.90 per unit due to lower sales volume from open access. The power generation cost during the quarter was Rs.1.75 per unit as compared with Rs. 2.21 per unit in corresponding prior quarter, primarily on account of an improved coal mix due to lower PLF.

EBITDA in Q1 was US$66.7 million lower than the corresponding prior quarter due to lower volumes and lower realisation, partly offset by a one-time gain of US$10 million.

The first 660MW unit of the Talwandi Sabo power plant is under commissioning, with the reliability run of the unit planned during Q2. The second and third units are expected to be commissioned towards the end of FY2015.

Corporate

During the quarter, Cairn India Limited entered into an intercompany facility to lend upto US$1.25 billion to a wholly owned overseas subsidiary of Sesa Sterlite Limited, for two years at arm's length terms and conditions. It carries an annual interest rate of LIBOR + 300 bps. Of this, US$ 800 million has been disbursed as of 30 June 2014. The wholly owned overseas subsidiary has repaid all of the accrued interest, and a part of principal of the intercompany debt extended by Vedanta.

Vedanta has utilised this towards repayment of some of its existing debt, and other corporate purposes.


Production Summary (Unaudited)

(in '000 tonnes, except as stated)


Q1

Q4

Full Year

Particulars

FY2015

FY2014

% change YoY

FY2014

FY2014

OIL AND GAS (boepd)






Average Daily Total Gross Operated Production1

226,597

220,088

3%

232,884

226,548

Average Daily Gross Operated Production (boepd)

217,869

212,442

3%

224,429

218,651

Rajasthan

183,164

173,517

6%

190,881

181,530

Ravva

23,940

28,523

(15%)

24,225

27,386

Cambay

10,765

10,672

1%

9,323

9,735

Average Daily Working Interest Production (boepd)

137,907

132,087

4%

142,796

137,127

Rajasthan

128,215

121,462

6%

133,616

127,071

Ravva

5,386

6,357

(15%)

5,451

6,162

Cambay

4,306

4,269

1%

3,729

3,894

Total Oil and Gas Production (million boe)






Oil & Gas - Gross

19.83

19.33

3%

20.2

79.81

Oil & Gas - Working Interest

12.55

12.02

4%

12.85

50.05

ZINC INDIA






Mined metal content

163

238

(31%)

200

880

Refined Zinc - Total

141

174

(19%)

182

749

Refined Zinc - Integrated

139

173

(20%)

179

743

Refined Zinc - Custom

2

1

138%

4

6

Refined Lead - Total 2

31

31

(1%)

36

123

Refined Lead - Integrated

22

27

(21%)

29

111

Refined Lead - Custom

9

3

157%

7

12

Saleable Silver - Total (in '000 ounces) 3

2.64

3.09

(15%)

2.93

11.24

Silver - Integrated (in '000 ounces)

1.79

2.48

(28%)

2.18

9.66

Silver - Custom (in '000 ounces)

0.85

0.61

39%

0.75

1.58

ZINC INTERNATIONAL

84

90

(7%)

83

364

Zinc -refined

33

34

(4%)

33

125

Mined metal content- BMM and Lisheen

51

56

(9%)

50

239

IRON ORE(in million dry metric tonnes, or as stated)






Sales

0.5

0.0


0.0

0.0

Goa

-

-


-

-

Karnataka

0.5

0.0


0.0

0.0

Production of Saleable Ore

0.0

-


1.5

1.5

Goa

0.0

-


-

-

Karnataka

0.0

-


1.5

1.5

Production ('000 tonnes)






Pig Iron

146

110

33%

133

510

Met Coke

126

85

49%

119

408

COPPER- INDIA / AUSTRALIA






Copper - Mined metal content

-

6


1

18

Copper -  Cathodes

66

16

-

98

294

Tuticorin power sales
   (million units)

136

137

-

144

601

-

-




Q1

Q4

Full Year

Particulars

FY2015

FY2014

% change YoY

FY2014

FY2014

COPPER -ZAMBIA






Mined metal

29

36

(18%)

27

128

Copper - Total

41

43

(5%)

40

177

Integrated

28

29

-

28

124

Custom

13

15

(12%)

12

53

ALUMINIUM






Alumina - Lanjigarh

233

-

-

227

524

Total Aluminum Production

203

195

4%

200

794

Jharsuguda-I

132

134

(1%)

135

542

245kt Korba-I

60

61

(1%)

64

251

325kt Korba-II 4

11

-

-

1

1

POWER (in million units)






Total Power Sales

2,599

3,177

(18%)

2,092

9,374

SEL

2,154

2,604

(17%)

1,701

7,625

MALCO

229

224

2%

231

911

HZL Wind Power

146

162

(10%)

76

448

BALCO 270MW Power Sales

70

187

(63%)

84

390

Ports - VGCB (in million tonnes) 7






Cargo Discharge

1.8

1.1

61%

1.5

4.7

Cargo Dispatches

1.7

1.0

71%

1. 5

4.5

1.     Including internal gas consumption

2.     Excluding captive consumption of 1,689 tonnes in Q1 FY2015 vs. 1,644 tonnes in Q1 FY2014.

3.     Excluding captive consumption of 282,000 ounces in Q1 FY2015 vs. 284,000 ounces in Q1 FY2014.

4.     Trial run production of 11 kt in Q1 FY2015 from Korba II 325 kt smelter

5.     Cost with IFRIC 20 impact

6.     Excludes lead and silver credits. If lead and silver were accounted for as by-products, cost of production would have been $502/t in Q1 FY2015.

7.     VGCB refers to Vizag General Cargo Berth



Financial Summary (Unaudited)

( in US$ million, except as stated)

Group Revenue

Q1

Q4

Full Year

Particulars

FY2015

FY2014

% change YoY

FY2014

FY2014

Zinc

630.3

681.1

(8%)

766.3

2,856.8

― India

485.9

513.7

(5%)

577.2

2,195.4

― International

144.4

167.4

(14%)

189.1

661.4

Oil and Gas                            

748.0

726.0

3%

816.8

3,092.8

Iron Ore

85.6

64.7

32%

81.8

267.1

Copper

1,024.8

752.3

36%

1,369.2

4,676.2

― India/Australia

797.6

440.2

81%

1,095.5

3,404.8

― Zambia

227.2

312.0

(27%)

273.7

1,271.4

Aluminium

438.5

436.9

-

488.2

1,785.4

Power

162.5

211.7

(23%)

125.4

621.7

VGCB

7.9

4.5

76%

7.3

19.9

Others

(33.4)

(2.5)

-

(324.4)

(374.9)

Total Revenue

3064.2

2,874.6

7%

3,330.6

12,945.0

( in US$ million, except as stated)

Group EBITDA

Q1

Q4

Full Year

Particulars

FY2015

FY2014

% change YoY

FY2014

FY2014

Zinc

268.6

311.1

(14%)

363.5

1,358.4

― India

230.2

257.6

(11%)

291.8

1,145.0

― International

38.4

53.5

(28%)

71.7

213.4

Oil and Gas                            

549.9

545.7

1%

608.5

2,347.0

Iron Ore

3.9

(8.4)

-

(1.6)

(24.2)

Copper

61.2

52.8

16%

78.1

354.2

― India/Australia

33.2

4.0

-

62.7

197.9

― Zambia

28.0

48.8

(43%)

15.4

156.3

Aluminium

88.4

50.8

74%

90.8

287.3

Power

66.7

76.9

(13%)

5.8

168.4

VGCB

2.5

1.2

-

1.4

4.2

Others

1.9

0.5

-

(3.9)

(4.1)

Total EBITDA

1043.0

1,030.7

1%

1,142.6

4,491.2



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Roma Balwani

Executive Vice President - Group Communications and CSR

Tel: +91 22 6646 1330

gc@vedanta.co.in

Investors

Ashwin Bajaj

Senior Vice President - Investor Relations

Radhika Arora

Associate General Manager - Investor Relations

Samuel Betha

Manager - Investor Relations

Gordon Simpson

Tel:  +44 20 7251 3801

Tel:  +91 22 6646 1531

ir@vedanta.co.in

About Vedanta Resources plc

Vedanta Resources plc ("Vedanta") is a London listed diversified global natural resources major. 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, Liberia, Australia and Sri Lanka. With an empowered talent pool globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information, please visitwww.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.


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