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Indian government orders permanent closure of the country's largest copper smelter

iconMay 29, 2018 15:21
Source:SMM

SMM5, March 29: authorities in the southern Indian state of Tamil Nadu have ordered the permanent closure of the country's largest copper smelter controlled by Vedanta Resources, which killed 13 people in a new round of violent protests last week, foreign media reported.

The smelter has an annual capacity of 400000 tons.

India consumed 485600 tonnes of refined copper in 2017, accounting for 2 per cent of global consumption, according to WBMS data. India produced 845000 tons of refined copper in 2017, accounting for 4 per cent of global production.

 

The company had planned to expand capacity to 800000 tonnes, Mr Vedanta said. if the plant were to shut down altogether, the loss of capacity would be far more than the loss of 400000 tonnes of copper.

Kishor Ostwal, chairman of CNI Research, said all of these factors made investors cautious about Vedanta's growth prospects and could lead to further declines in stocks. If the problem persists for a long time, he expects a further 10% to 20% decline.

Copper smelter
India
shutdown

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