Vedanta Limited: Announcement of Growth Projects in Cairn Oil & Gas and Copper Businesses
MUMBAI, Nov. 10, 2017 /PRNewswire/ -- Vedanta Limited is pleased to announce that its Board of Directors have approved brownfield growth projects in the Cairn Oil & Gas Business and an expansion project in the Copper business.
Cairn Oil & Gas business:
The Oil & Gas business has commenced its next phase of growth, which will result in an additional production of c.100kboepd. We expect to eventually ramp up to c. 275 - 300kboepd by FY 2020.
Project Portfolio
Enhanced Oil Recovery: Replicating the success of Mangala Polymer EOR in Bhagyam and Aishwariya
Tight Oil & Gas: Deploying latest fracking technologies to recover Oil & Gas from tighter reservoir formations through execution of Raageshwari Deep Gas (RDG) and Aishwariya Barmer Hill (ABH)
Other Projects: Infill wells around existing producers in Mangala and Cambay to accelerate near term production; Increasing liquid handling capacity at Mangala Processing Terminal by over 30% to handle incremental volumes
The total capex for these projects is c. $850 million.
Copper Business:
The Board has also approved expansion of its copper smelter at Tuticorin to double its capacity from 400kt p.a. to 800kt p.a., with a capex of $717 million of which $141 million has already spent. Completion of this project will place Tuticorin as one of the world's largest single-location copper smelting complexes. The project is expected to have an execution timeline of 24 months, with plant commissioning & stabilization in FY 2020.
About Vedanta Limited
Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc - lead - silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland.
Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc, a London-listed company. Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) 'Sustainable Plus Platinum label', ranking among the top 10 most sustainable companies in India. To access the Vedanta Sustainable Development Report 2016, please visit http://sustainabledevelopment.vedantaresources.com/content/dam/vedanta/corporate/documents/Otherdocuments/SDreport2015-16/Vedanta%20SDR%20FY%2015-16.pdf
Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
For more information please visit www.vedantalimited.com
Vedanta Limited
Vedanta, 75, Nehru Road,
Vile Parle (East), Mumbai - 400 099
www.vedantalimited.com
Registered Office:
Regd. Office: 1st Floor, 'C' wing, Unit 103,
Corporate Avenue, Atul Projects,
Chakala, Andheri (East),
Mumbai – 400 093
CIN: L13209MH1965PLC291394
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.
For further information, please contact:
Communications
Zarin Amrolia
Manager, Group Communications
Tel: +91-22-6646-1000
[email protected]
Investor Relations
Ashwin Bajaj
Director – Investor Relations
Tel: +91-22-6646-1531
[email protected]
Aarti Raghavan
VP – Investor Relations
Sneha Tulsyan
Associate Manager – Investor Relations
SOURCE Vedanta Limited
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