India: Vedanta's iron ore production up 25% y-o-y in Q3FY23

Vedanta Ltd. has announced its operating results for the third quarter of FY23. Total iron ore production for the quarter was 1.5 million tonnes (mnt). It may be noted that the entire material was mined from the company's Karnataka mines since the mines in Goa remain closed after a 2018 Supreme Court ruling prohibiting mining in the state.

Vedanta's iron ore production registered a significant improvement of 34% as against 1.1 mnt in Q2FY23.

Key highlights-

• Vedanta's iron ore production increased y-o-y as well as q-o-q after improvement in production in the current quarter despite heavy rainfall impacting operations and ore handling in Q2FY23.
  
  
• There was no production from the Goa mines due to the continuation of the suspension of mining pursuant to the Supreme Court judgment dated 7 February, 2018, which directed all mining companies to stop operations in Goa with effect from 16 March, 2018.
  
  
• Total iron ore sales were recorded at 1.3 mnt in Q3FY23, down 18% y-o-y compared to 1.6 mnt in Q3FY22. Company's Karnataka sales were down by around 23%.
  Pig iron production stood at 200,000 t in Q3FY23, inching down by 1% y-o-y compared to 202,000 t in Q3FY22. Pig iron production increased significantly by 66% q-o-q against 121,000 in the previous quarter.
  
  
• Total saleable steel production in Q3FY23 was at 306,000 t, a y-o-y decline of 13% compared to 350,000 t in Q3FY22 due to the blast furnace being on maintenance.