Sesa says copper processing charges to stay robust

NEW DELHI Tue Apr 29, 2014 5:21pm IST

A general view shows the open pit of Sesa Sterlite iron ore mine in Codli village in Goa December 9, 2013. REUTERS/Krishna Das/Files

A general view shows the open pit of Sesa Sterlite iron ore mine in Codli village in Goa December 9, 2013.

Credit: Reuters/Krishna Das/Files

Related Topics

Stocks

   

NEW DELHI (Reuters) - Sesa Sterlite Ltd (SESA.NS), India's largest copper refiner, said on Tuesday it expects charges to treat and refine copper concentrates to remain robust on rising extraction of the metal from existing and upcoming mines.

The company's copper treatment and refining charges (TC/RC) in the three months ended March 31 rose a quarter to 18.5 cents per pound, it said in its results statement on Tuesday.

Global miners or trading houses pay TC/RC to smelters to convert concentrate into refined metal, with the charges deducted from the sale price, based on London Metal Exchange copper prices.

Sesa Sterlite, a unit of billionaire Anil Agarwal-controlled Vedanta Resources Plc (VED.L), also said its smelter that produces 30,000 tonnes of refined copper per month went on a 22-day maintenance shutdown on April 26.

Reuters reported about the shutdown on March 18. Half of the output from the plant in Tuticorin goes to China.

The company, also the largest private iron ore miner in India, said it produced 1.5 million tonnes of the steelmaking raw material in the last fiscal year from Karnataka against an allowed limit of 2.29 million, as mining was delayed due to the lack of some approvals.

It could however sell only 27,000 tonnes in 2013/14 from the southern state. Sesa Sterlite did not cite any reason for the weak sale volume.

(Reporting by Krishna N Das; Editing by Anand Basu)

FILED UNDER:
  • Most Popular
  • Most Shared

Pending Reform

REUTERS SHOWCASE

Power Theft

Power Theft

India to invest $4 billion to tackle power theft  Full Article 

Debt Funds

Debt Funds

India monitors foreign flows into debt funds, may tighten rules  Full Article 

Bulgari Back in India

Bulgari Back in India

CEO: we shouldn’t have left India so we’re back  Full Article 

 Hindu "Modi-fication"

Hindu "Modi-fication"

Fears grow about Hindu "Modi-fication" of education  Full Article 

Weak Credit

Weak Credit

Hard to hit tax revenue target, credit weak - Jaitley  Full Article 

China Rate Cut

China Rate Cut

China surprises with interest rate cut to spur growth  Full Article 

Gold Imports

Gold Imports

RBI cautious on response to gold import surge  Full Article 

Economic Corridor

Economic Corridor

China commits $45.6 billion for economic corridor with Pakistan  Full Article 

Overseas Funds

Overseas Funds

RBI says overseas borrowed funds can be parked with banks in India  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage