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Adani's $1.2 Billion Copper Smelter to Source Concentrates from Peru, Chile, Australia

1 Mar 2024 , 12:36 PM

As per a high-ranking corporate representative, the company of Indian tycoon Gautam Adani is set to acquire copper concentrates from Peru, Chile, and Australia in order to initiate the functioning of its $1.2 billion copper smelter, recognized as the largest single-location facility of its kind globally.

Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd, intends to begin operations in the coming weeks.

The factory, located in the western city of Mundra in Gujarat state, would have an initial capacity of 500,000 metric tonnes, with the business planning to increase it to 1 million tonnes by 2028/29.

In an interview on Thursday, Vinay Prakash, managing director of KCL, said the business is also interested in purchasing copper assets in India and abroad. According to Prakash, KCL plans to buy copper concentrates from both global miners and international dealers.

Prakash stated in a release, 'The sourcing incorporates a strategic combination of both short and long-term agreements with miners and traders globally, spanning regions such as Peru, Chile, and Australia.' He further explained that the copper smelter is expected to contribute to the augmentation of the domestic metal supply. The building, transportation, and electricity industries have all contributed to India's strong demand for copper.

During the first nine months of the fiscal year, which began in April, India imported $2.2 billion in copper ore and concentrate from Peru, Australia, Chile, and Indonesia.

India's copper imports have increased since the 2018 shutdown of Vedanta's Sterlite Copper smelter, which produced around 400,000 metric tonnes of the metal. Currently, only Hindalco Industries, a subsidiary of India's Aditya Birla group, and state-owned miner Hindustan Copper Ltd manufacture copper in the nation.

India's refined copper output is anticipated to be approximately 5,55,000 metric tonnes per year, with a domestic demand of more than 7,50,000 metric tonnes. To cover the shortage, India imports around 500,000 metric tonnes of copper each year.

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