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Sterlite Industries' CEO Discusses F1Q 2013 Results - Earnings Call Transcript

As you are aware, we are developing underground mining operations at Rampura Agucha mine and also developing Kayar mine. During the quarter, we achieved significant progress in both these developments and we are here to deliver commercial production from both these assets from next year. As we have mentioned before, our open cast mining operation at Rampura Agucha will continue uninterrupted while underground mining development is going on and production start next year.

Just to reiterate, at the back of using the best-in-class mechanization, productivity and large scale mining operations, and of course, cost-benchmarked structure, management structure, we believe that Rampura Agucha mine, underground mine operations, it should be possible for us to deliver costs lower than current operating costs. I’d like to mention one more thing regarding Hindustan Zinc, while in the today’s atmosphere, where rupee is depreciated significantly impacting business in many ways, here is one company, Hindustan Zinc, which is only deriving benefit of depreciating rupee.. It’s very good to see a company, which is getting its true value from delivering expanded capacity.

Moving on to Zinc International, output at Zinc International operation was in line with our earlier stated guidance. Our commitment to continuous improvement culture has helped continuously reduce our cost. Our cost, during the quarter, reduced by 7% at ZI. Just to refresh the memory, we delivered excellent performance on the exploration front at ZI in the form of increasing mine life significantly all three assets renewed up to three years.

Read the rest of this transcript for free on seekingalpha.com

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