Continued focus on world-class ESG performance
Augment our Reserves & Resources (R&R) base
Delivering on growth opportunities
Optimise capital allocation and maintain a strong balance sheet
Operational excellence and cost leadership
Operating sustainably and responsibly is key to our success. Focussed on this, we ensure embedding ESG into all aspects of business and have set vision of “Transforming for Good” which encompasses transforming communities, transforming the planet, and transforming the workplace. Through pioneering efforts in these areas, we aim to positively impact stakeholders, minimise environmental impact and progress towards zero harm, zero discharge and zero waste.
Total Nand Ghars in FY 2023‑24 – 6,000+
Skill-based training impacting 1.48 million families
GHG emissions increased by 0.8% Y-O-Y
Water positivity ratio 0.71
92% HVLT waste utilisation
3 Fatalities
LTIFR - 0.589
TRIFR - 1.3
Women employees - 20%
Women in leadership positions - 29%
ESG rating improvement in MSCI, DJSI, Sustainalytics and CDP water
Aim 1: Keep community welfare as the guiding principle for our business decisions
Aim 2: Empower 2.5 million individuals with enhanced skillsets
Aim 3: Uplift 100 million women and children via social welfare interventions
Aim 4: Net Zero Carbon by 2050 or sooner
Aim 5: Achieving net water positivity by 2030
Aim 6: Enhance our business model by incorporating innovative green practices
Aim 7: Prioritise the safety and health of our workforce
Aim 8: Promote gender parity, diversity, and inclusivity
Aim 9: Align with global standards of corporate governance
Enhance skillsets of ~1,600 families
Positively impact ~13,000 women and children through programmes in education, healthcare, nutrition
20% reduction in metals and mining intensity
500 MW RE RTC in operations
Investment in energy transition- ₹ 2,700 crore
Water positivity ratio - 0.7
Legacy waste - 29.6 million metric tonnes
Habitat restoration - 2,300 hectares
Zero fatalities
LTIFR - 0.63
Zero governance issues
~2.5 million families with enhanced skillsets
Positively impact 10 million women and children through programmes in education, healthcare, nutrition
25% absolute reduction GHG emissions vs FY 2020-21 baseline
2.5 GW RE RTC in operations
Water positivity ratio - 1.0
Legacy waste - 23 million metric tonnes
Habitat restoration - ~2,500 hectares
Zero fatalities
LTIFR - 0.37
Total women employees - 20%
Women in leadership roles - 40%
Zero governance issues
Total Number of Nand Ghars
Skillset imparted to families
Impact of CSR programmes in education, healthcare, nutrition
Absolute GHG emissions
RE power in operations
Metals and Mining GHG intensity
Annual waste utilisation
Water positivity ratio
Habitat restoration
Fatalities
LTIFR
% of women employees
% of women in leadership roles
Zero governance-related issues
Annual disclosures
Expansion in R&R base, being key to our long-term growth ambitions, we continually engage in targeted and disciplined exploration programmes. Through deploying best technologies, making sustained investments and ensuring dedicated efforts by exploration teams to discover mineral and oil deposits safely and responsibly, we ensure the replenishment of our resources
Improved total Ore Reserves to 175.1 million tonnes supported by increased focus on resource-to-reserve conversion
Combined R&R were estimated to be 456.3 million tonnes, containing 30.82 million tonnes of zinc-lead metal and 854.3 million ounces of silver
Overall mine life continues to be more than 25 years
First Field Development Plan (FDP) approved under OALP regime for Jaya field. Production commenced with initial plan to deliver > 3 Kboepd
Infill wells drilled across PSC blocks to mitigate natural decline
Drilling campaign underway in North-East region to export the prospects in the block
Gross proved and probable reserves and resources stands increased to 1,376 Mmboe
Combined mineral resources and ore reserves estimated at 662 million tonnes, containing 34.8 million tonnes of metal
Target generation and drill testing: Zawar, RD-SK, RA & Kayad Mine
Exploration plan to enhance the mineral resource by 20 million tonnes Ore
Acquiring new potential areas through auction
Ore reserves upgradation for sustained mine production for next 10 years
Use of AI and ML algorithms to analyse HZL geological, geochemical, and geophysical data leads to quicker new target identification and evaluation
Exploration and appraisal drilling across the portfolio in Rajasthan, Cambay, Northeast and Offshore blocks to add resources
Establish potential of the unconventional Oil & Gas in the portfolio
Monetisation potential of the resource base comprising Tight Oil, Satellite Fields, to enhance oil recovery opportunities
Execution of 30 km of drilling across greenfield and brownfield projects in RSA and Namibia
Addition and upgradation of 30 million tonnes of ore (2 million tonnes metal)
Securing new tenements for R&R growth
Target generation through the application of AI & ML along with advanced geophysics
Enhancement of the mineral resource by 40 million tonnes ore with contained metal of 2 million tonnes and upgrade ore reserves to 42 million tonnes, which will lead to total R&R of 500+ million tonnes with ~35 million tonnes metal
Execution of 28 km of drilling across greenfield and brownfield projects in RSA and Namibia
Upgradation of 20 million tonnes of ore; no addition of metal targeted this year
Retain existing mining leases in HZL portfolio while acquiring new potential areas through auction
Attain R&R metal of ~40 million tonnes in HZL portfolio
Establish diversified R&R portfolio to support the vision of contributing to India’s 50% of domestic O&G production
Completion of drilling programmes and studies at Big Syncline
Completion of studies on East/East Ext and Gamsberg South for execution
Total R&R in Zinc India and Zinc International
Total 2P+2C Reserves & Resources in O&G
Our large, well-diversified, low-cost and long-life asset portfolio offers attractive expansion opportunities. We continue to explore brownfield opportunities within our existing portfolio, striving to grow operations both organically and inorganically. We employ a prudent approach and rigorously evaluate these opportunities to ensure they meet our internal rate of return criteria and support our objective stakeholder value-creation.
Total mine development 101 km in FY 2023-24
Zawar Mines has achieved highest ever MIC of 179 kt in FY 2023-24
Shaft partition at SK increased the shaft hoisting from 2.6 MTPA in FY 2022-23 to 3.1 MTPA in FY 2023‑24
Rampura Agucha Mines achieved ever highest 566 kt MIC in FY 2023‑24
Highest-ever mined metal production 1,079 kt in FY 2023-24
Highest-ever refined metal production at 1,033 kt in FY 2023‑24
Highest-ever silver production of 746 tonnes in FY 2023-24
Battery electric vehicle introduced at SK mine for sustainable & environment-friendly mining operations and net zero carbon by 2030 in line with the Company’s ESG commitment
Successful completion of Roaster 3 and pyro plant major overhauling
Pantnagar Metal Plant producing green zinc using 100% renewable energy produced from hydropower
Waste management through jarosite utilisation in the cement industry by modification in present circuits
Indigenous commissioning of fumer plant at CLZS
Lanjigarh refinery capacity expanded to 3.5 MTPA
Production ramped up from Jaya discovery in OALP Cambay region.
Infill drilling in Mangala, Bhagyam, Aishwariya, Tight Oil (ABH) and Tight Gas (RDG), to augment reserves and mitigate natural decline
29 wells drilled across all assets
Total zinc MIC production at 208 kt in FY 2023-24
Further ramp-up of underground mines towards their design capacity of 1.2 MTPA
Combined paste-fill and dry tailing plant at Rajpura Dariba, which will help increase ore production from 1.5 MTPA to 2 MTPA
Migration to 100% mechanised charging at Zawar leading to improved safety, faster charging, increased pull per blast
Construction and commissioning of new ZLD plant at Agucha and Zawar
New beneficiation plant started at RDM to increase treatment capacity from 1.1 MTPA to 1.5 MTPA
Hydraulic fill plant hook up with Mill 2 at Zawar to expedite filling at Mochia & Balaria mines and improve ore recovery
New portal commencement at Zawarmala to enhance production up to 2 MTPA
With supporting MIC flow, smelters are geared to touch approx. 1,080 - 1100 kt
Capacity expansion through erection of Roaster-6
New leaching & cell house to be erected in Debari with a capacity of 210 KTPA and other efficiency improvement initiatives to achieve overall finished good production of 1.1 MTPA
Best-in-class new HZDA production facility (HZAPL) to cater to demand of Indian market
Fumer: Complete ramp-up of fumer to produce 33 million tonnes silver through zinc route
Tailings and Jarofix: Partners already locked in for residual metal recovery from waste streams, completion of technical evaluation and pre-feasibility analysis targeted in FY 2024-25
Ramp-up Lanjigarh Train 1 and commission and ramp-up of Train 2
Commence production at BALCO 414 KTPA capacity expansion
Jharsuguda VAP expansion to 1.6 MTPA and BALCO VAP expansion to 1 MTPA to commence production
Commence production at BALCO of Rolled Product expansion to 100 kt capacity
Operationalise Kurloi North & Radhikapur West Coal Blocks
Commence initial production from Sijimali Bauxite block
Infill wells across the onshore and offshore producing blocks for incremental volumes
Commence execution of Alkaline Surfactant Polymer (ASP) project at Mangala through cluster approach to deliver incremental volume
Monetisation of discoveries from OALP, DSF and PSC block
Establish secondary methods of oil recovery in offshore fields
Gamsberg Phase 2 project approved by the Vedanta Board. Project includes the mining expansion from 4 MTPA to 8 MTPA and construction of new concentrator plant of 4 MTPA, taking the total capacity to 8 MTPA. MIC production will be 200 KTPA, taking the total South Africa production to >500 KTPA. Target date of completion of project is H2 FY 2024-25
Skorpion Refinery conversion – awaiting confirmation of power tariff to take the final decision before beginning on-ground execution in FY 2024-25
Black Mountain Iron Ore project intends to recover iron ore (magnetite) from the BMM tailings. Best-in-class quality iron ore will be produced from the new plant with Fe grade >68%. First production is expected in Q3/Q4
Ramp-up of underground mines to reach 1.25 MTPA capacity
Study on alternate access to the portal at Rampura Agucha
Commissioning of vertical conveyor at SKM to mine high-grade shaft pillar area
Transition to one-third BEV deployment at RA & SK Mines
Completion of Mill 3 at Zawar to increase beneficiation capacity
Establishment of a new tailing dam at Zawar mines
Commissioning of Roaster-6
Complete construction of new leaching & cell house in Debari
Set up 510 KTPA Fertiliser plant in Chanderiya
Up to 450 MW green energy sourcing in operations
Complete full ramp-up of Lanjigarh 3 MTPA expansion, and progress implementation of debottlenecking to 6 MTPA
Complete ramp-up of BALCO smelting expansion to 1 MTPA
Ramp-up all VAP production to full capacity
Operationalisation of Ghogharpalli Coal Block
Further ramp-up of all operating mines towards full permitted capacity
Full ramp-up of Gamsberg Phase 2 project in FY 2025-26
Skorpion Refinery conversion – Completion of conversion project final decision to be taken by FY 2025-26
Gamsberg mining operations from underground start up, with a plan to increase throughput from 8 MTPA to 9 MTPA from current processing plants
Ramp-up of underground mines to 1.5 MTPA capacity
Look for new mining leases
Advocacy for opening new mining sites
Addition of one more smelter to take the overall capacity to 1.5 MTPA
Achieve balanced fully vertically integrated supply chain from mine to metal
Sijimali Bauxite mine operating at 12 MPTA
Lanjigarh Refinery operating at 6 MTPA
Overall 3 MTPA operational Hot Metal capacity
100% value - added product portfolio focussed on India domestic market
All coal blocks operating at 100% of permitted capacity to enable captive, low-cost supply for captive thermal power plants
Full field scale ASP project execution across MBA fields in Rajasthan block to monetise reserves
Continuation of monetisation opportunities across asset portfolio (supported by organic and inorganic strategies)
Gergarub mining and concentrator plant planned to be in production by FY 2026-27, delivering MIC of 100 KTPA
Iron Ore Phase 2: Construction of an additional plant to treat 2 MTPA of current tailings storage facility with opportunity to construct a pig iron plant
Gamsberg Smelter planned to treat all zinc concentrate from current operation. Planned first production in FY 2029-30. First phase planned to produce 300 KTPA
Volume
Revenue
ROCE
FCF post-capex
Growth capex
Balance sheet integrity is key to ensuring financial stability and long-term success in a dynamic environment. Through a focus on enhancing operational cashflows, stringent capital discipline of investing in high IRR projects and proactive liability management, we continue to strengthen our balance sheet. To maximise shareholder returns, we undertake evaluating all investments (organic and acquisitions) as per our stringent capital allocation framework.
Free cash flow (FCF) at ₹ 11,427 crore
Net debt at ₹ 56,338 crore
Net Debt/EBITDA at 1.5x on a consolidated basis
Dividend worth ₹ 29.5/share declared by VEDL
Generate healthy free cash flow from our operations
Reduce working capital
Improve credit ratings
Disciplined capex across projects to generate healthy ROCE
FCF post-capex
Net Debt/EBITDA (Consolidated basis)
EPS (before exceptional items)
Interest cover ratio
Dividend
Achieving all-round operational excellence is central to our objective of achieving benchmarked performance. Through efforts like debottlenecking assets to enhance production, investing in advanced digital and technology solutions and adopting best practices, we set new benchmarks in operational efficiency. We also focus on enhancing profitability through ongoing cost optimisation and improving realisations with prudent marketing strategies.
Ore production of 16.52 million tonnes
Record mined metal production of 1,079 kt, refined zinc-lead production of 1,033 kt and silver production of 746 tonnes
APC commissioned at all the beneficiation plants of Rampura Agucha
Smelters recovery improvement through various initiatives
Volume enhancement through operations of pyro plant on lead-zinc mode for 6 months
40% reduction in cost of generation of power by improving efficiency and percentage of Indian coal in the blend Achieved ever lowest specific coal consumption of 422 gm/kWhr at CPP
Record aluminium production at 2,370 kt, up 3% Y-O-Y
Highest ever domestic sales at 920 kt, 19% increase Y-O-Y
Alumina production at Lanjigarh refinery at 1,813 kt, up 1% Y-O-Y
Aluminium COP at US$ 1,796 per tonne, down by 23% Y-O-Y, due to decline in commodity prices, majorly coal and carbon, and operational improvements
Average gross-operated production of 128 Kboepd for FY 2023-24, down 11% Y-O-Y, owing to natural field decline
First Field Development Plan (FDP) approved under OALP regime for Jaya field. This is the first FDP approved in OALP regime, among 144 blocks awarded under 8 OALP rounds by the Government to various companies
BMM achieved production of 61 kt in FY 2023-24 with declining grades at Deeps impacting production
Gamsberg production was 147 kt production in FY 2023-24 which is lower compared to previous year due to impact of geotechnical failure on ore production
Skorpion remained under care and maintenance following geotechnical instabilities in the open pit
Maintain cost of production between US$ 1,050 - US$ 1,100 per tonne through efficient ore hauling, higher volume and grades and higher productivity through ongoing efforts in automation and digitalisation
Switching to RE power from CPP (partially at DSC zinc smelter). Increase in Indian coal consumption in blend (>40%) for power production
Highest-ever production from refinery, with start of alumina production from 3 MTPA expansion
Highest-ever annual aluminium production projected at 2,370‑2,450 kt
Significant reduction in aluminium production COP, through unlocking potential in operational & buying efficiency
Improved raw material (bauxite & coal) security from local sources with ramp-up of owned mines
Reduced power purchase due to higher operational efficiency of captive thermal power plants
Increased rail share of domestic overland transport
Increase production from existing assets through the use of leading-edge technologies, large-scale AIML (artificial intelligence and machine learning) enabled base
Operations and Maintenance (O&M) model in partnership with best‑in‑class partners
Continue to operate at a low cost‑base and generate free cash flow post-capex
Ramp-up Gamsberg to 200 kt in FY 2024-25
BMM improvement in ore production from 1.6 mt to 2.0 mt resulting in 70 kt MIC production
Maintain cost of production at a low level through efficient ore hauling, higher volume and grades and higher productivity through ongoing efforts in automation and digitalisation
Lower hot metal cost of production through increased captive Alumina & Coal consumption
Further increase in rail share for coal and other bulk commodities driving lower costs
Continued focus on quality, asset reliability and optimisation, digitalisation, innovation, and R&D
Further ramp-up of VAP production, including introduction of new innovative alloys, to capture increased share of domestic market and realise higher net effective premium
300 KTPA production from South Africa at a low cost of production
Maintain cost of production at below US$ 1,000 per tonne through efficient ore hauling, higher volume & grades and higher productivity through ongoing efforts in automation and digitalisation
Elimination of waste generation by gainful utilisation and recycling
Deploy new innovation and technology for holding benchmark operation
100% backward and forward integration: 3 MTPA Aluminium, 6 MTPA Alumina, 100% VAP, 100% coal & bauxite security (Captive + Linkage)
First Decile position on global aluminium cost curve
Leverage win-win partnership models for operations through global technology leaders to achieve best‑in-class operational efficiencies
Continue to operate at a low cost‑base and generate free cash flow post-capex
1 MTPA production from South Africa at a low cost of production
EBITDA
Adj. EBITDA margin
FCF post-capex
ROCE
