India's top copper smelter re-opens after protests -sources
NEW DELHI, June 16
NEW DELHI, June 16 (Reuters) - India's top copper smelter re-opened on Sunday after complaints from residents forced a two-month shutdown, a company source directly involved with the court-mandated process and a source at a local pollution board told Reuters.
Locals in the Tuticorin area of the southern state of Tamil Nadu had complained that emissions from the plant, run by Sterlite Industries, a unit of London-based Vedanta Resources, were causing breathing problems.
"We have restarted the plant in the presence of the court-appointed panel," the company source told Reuters. "It should ramp up to full capacity in about five days."
The ensuing shutdown had squeezed domestic copper supplies and boosted imports and prices and the reopening will come as a relief to cable makers such as Finolex Cables Ltd and Precision Wires India Ltd.
But it will further deplete already tight global stocks of copper concentrate, which is produced by mines and sold to smelters and refiners who treat the ore and refine the copper.
Authorities shut the plant on March 30, but a Supreme Court decision on June 10 said the plant could re-open. The smelter re-opened under the supervision of a court-appointed safety panel, which visited the site on Sunday.
Sterlite denies that the emissions from the plant are dangerously high. The smelter produces 30,000 tonnes of refined copper per month, or more than half of India's total production. (Writing by Matthias Williams; editing by Jason Neely)
- Tweet this
- Share this
- Digg this
- U.S. nurse quarantined over Ebola calls treatment "frenzy of disorganization"
- Wall Street finally turning on Amazon as Bezos magic fades
- Former Cream frontman Jack Bruce dies aged 71
- São Paulo running out of water as rain-making Amazon vanishes
- Iraqi security forces and Kurds gain ground against Islamic State
The Nifty will stay in a broad band of 7,800-8,200 with an immediate resistance at around 8,050 levels. One should look to selectively accumulate in sectors such as infrastructure, capital goods, cement, power and metals. The outperforming sectors such as pharma, IT and auto ancillaries could take a breather due to international headwinds, writes Ambareesh Baliga. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article