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:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Barack Obama in India

Reuters Showcase

Coal Mining

Coal Mining

India to open coal to commercial mining firms soon, minister says  Full Article 

RBI Loan Rules

RBI Loan Rules

RBI relaxes overseas loan recast rules   Full Article 

E-commerce Firms

E-commerce Firms

Amazon, e-commerce rivals fuel commercial property boom in India  Full Article 

Growth Forecasts

Growth Forecasts

Indian economic growth forecasts pegged back, despite rate cuts: Reuters Poll.  Full Article 

Uber is Back

Uber is Back

Uber back in Delhi; govt says must await approval.  Full Article 

Markets at Record

Markets at Record

Sensex rises to record after ECB stimulus programme.  Full Article 

Pharma Sector

Pharma Sector

Ipca Labs hit by FDA ban on plant for standard violations.  Full Article | Related Story 

Forex Reserves

Forex Reserves

India FX reserves at record high as RBI fortifies defences  Full Article 

QE for Euro Zone

QE for Euro Zone

ECB launches 1 trillion euro rescue plan to revive euro economy.  Full Article 

Reuters India Mobile

Reuters India Mobile

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