Sesa says copper processing charges to stay robust

Tags: Industry
Sesa Sterlite Ltd, 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, 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 southern India's 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 the state of 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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Subdued crude oil prices offer an excellent opportunity for India

    In Mid-June, when most of us probably first heard of the ISIS posing a serious threat to stability in West Asia, international crude oil price suddenl

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

M S Swaminathan

Strengthening family farming in India

The United Nations declared 2014 as the International Year of ...

Kuruvilla Pandikattu SJ

Roots and routes as our foundation

Ethnicity and identity linked to both territory and culture. The ...

Gautam Gupta

Don’t let success kill the essence of the concept

In 1999 when my mother started her own label, we ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture