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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Coal Block Allocation

Coal Block Allocation

Government urges Supreme Court to not cancel some 'illegal' coal mines  Full Article 

Modi in Japan

Modi in Japan

Japan and India agree to boost strategic ties at summit  Full Article 

Basel III Norms

Basel III Norms

RBI amends Basel III guidelines for banks  Full Article 

HSBC PMI

HSBC PMI

Factory activity expands at slower clip in August.  Full Article 

Current Account

Current Account

Balance of payments surplus for third straight quarter  Full Article 

India Infrastructure

India Infrastructure

RBI rule handicaps India's infrastructure hopes  Full Article 

Book Talk

Book Talk

Reema Abbasi and a glimpse of Pakistan’s Hindu past  Full Article 

China Economy

China Economy

Retreat in China's PMIs heightens calls for policy easing.  Full Article 

Managing Share Sales

Managing Share Sales

Govt seeks bids from banks to manage PFC, REC share sales   Full Article 

Reuters India Mobile

Reuters India Mobile

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