- Write by:
-
Friday, March 1, 2024 - 22:51:08
-
95 Visit
-
Print
Indian billionaire Gautam Adani’s group will source copper concentrates from Peru, Chile and Australia to kick-start its $1.2 billion copper smelter, the world’s biggest single-location plant of its type, a top company official said.
Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd, expects to start its operations in the next few weeks.
The plant, based in the western city of Mundra in Gujarat state, will have an initial capacity of 500,000 metric tons, and the company will scale it up to 1 million metric tons by 2028/29.
The company is also open to acquiring copper assets in India and overseas, Vinay Prakash, managing director of KCL told Reuters in an interview on Thursday, without giving details.
KCL would import copper concentrates from both global miners and international traders, Prakash said.
“The sourcing involves a strategic mix of short and long-term arrangements with miners and traders worldwide, including Peru, Chile, and Australia,” Prakash said.
Prakash said the copper smelter would help boost domestic supplies of the metal. India’s demand for copper has been robust, driven by the construction, transport and power sectors.
During the first nine months of the fiscal year that began in April, India imported $2.2 billion worth of copper ore and concentrate from countries such as Peru, Chile, Australia and Indonesia.
India’s copper imports have surged since the 2018 closure of Vedanta’s Sterlite Copper smelter, which produced about 400,000 metric tons of the metal.
Currently, only Hindalco Industries, part of India’s Aditya Birla group, and state-run miner Hindustan Copper Ltd produce copper in the country.
India’s refined copper production is estimated at around 555,000 metric tons per year against domestic consumption of more than 750,000 metric tons. India imports around 500,000 metric tons of copper a year to meet the shortfall.
New Delhi’s drive towards clean energy and electric vehicles, and other similar shifts, are expected to double the country’s copper demand by 2030, Prakash said.
Short Link:
https://www.miningnews.ir/En/News/628087
Zimbabwe’s President Emmerson Mnangagwa has re-appointed Winston Chitando as the southern African nation’s mines ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
A key measure of Chinese copper demand just sank to zero, another indication that global prices are not balanced with ...
A new report by IDTechEx states that investing in e-haul trucks could result in major savings for miners due to the ...
Canadian miner First Quantum Minerals (TSX: FM) believes it will be able to take the already mined 121,000 tonnes of ...
Canadian miner First Quantum Minerals said on Tuesday that it has cut its debt by $1.14 billion in the first quarter.
Chile is expected to produce a record 5.8 million metric tons of copper in 2025, the state-run Chilean Copper Commission ...
Copper traded near $10,000 a ton, hitting a new two-year high on its way, as investors continue to pile in on a bet that ...
No comments have been posted yet ...