Capital resources and liquidity
Our cash and liquid investments of US$4.9 billion provide us with a strong platform to fund our growth projects and other commitments. Our net debt as at 31 March 2009 was US$200.8 million. We continue to generate strong cash flows and generated about US$1.7 billion of FCF during FY 2009, of which about US$900 million was generated in H2 FY 2009 in which EBITDA was just US$340 million.
Even in the current economic environment, we continue to enjoy strong support from lending institutions due to our operational track record as well as our strong balance sheet. We raised US$1.25 billion in the form of long-dated bonds during FY 2009 and have recently secured project financing of US$3.7 billion for our aluminium and energy sector expansion projects, including US$2 billion which is subject to final documentation.
Project capital expenditure
| (in US$ million) | Revised cost | Spent to 31 March 2009 | Committed but not yet spent | Status | |
| Lanjigarh I refinery (Alumina) | 1,015.3 | 932.0 | 83.3 | Stream I completed | |
| Jharsuguda I smelter (Aluminium) | 2,112.8 | 2,009.7 | 103.1 | Stream II nearing completion | |
| Konkola mine (Copper) | 674.0 | 491.3 | 128.3 | In progress | |
| Nchanga smelter (Copper) | 470.0 | 431.2 | 10.7 | In progress | |
| Chanderiya smelter (Zinc) | 306.5 | 304.8 | 1.7 | In progress | |
| Wind energy | 141.0 | 141.0 | - | In progress | |
| Zinc-lead debottlenecking | 148.5 | 146.7 | 1.8 | Completed | |
| Commercial energy | 1,900.0 | 882.2 | 533.1 | In progress | |
| Dariba smelting project (Zinc) | 720.0 | 244.3 | 279.2 | In progress | |
| Korba III smelter (Aluminium) | 1,820.0 | 297.3 | 415.6 | In progress | |
| Jharsuguda II smelter (Aluminium) | 2,920.0 | 375.1 | 1,286.5 | In progress | |
| Lanjigarh II refinery (Alumina) | 1,720.0 | 88.5 | 700.5 | In progress | |
| Grand total | 13,948.1 | 6,344.1 | 3,543.8 | ||
We incurred additional capex in our Lanjigarh I refinery (Alumina), with the originally estimated cost of US$800 million increasing to approximately US$1,015 million. This was because of adverse exchange rate movements during the year and higher costs incurred on sourcing bauxite from third parties during the trial run period.
Project capital expenditure on the Nchanga smelter has also increased from approximately US$372 million to US$470 million largely due to commissioning delays and consequential higher pre-operative, trial-run expenditure and utilities costs. Based on the expansion projects currently underway, the capital expenditure required to complete these projects over the next three years is approximately US$7.6 billion.
Our debt maturity now averages 3.5 years. In the next two years, US$1,472.4 million of debt falls due for repayment. Our cash and liquid investments, free cash generation and tied up funds are sufficient to meet our capital and debt commitments.
