The first 500,000 tons of capacity at the $1.2 billion facility in Mundra in Gujarat is set to start operations next month Business News (c) 2024, Bloomberg P R Sanjai and Swansy Afonso, Bloomberg Updated: February 09, 2024 2:38 pm IST Adani Enterprises Ltd.is seeking resource security in critical minerals (File)
Billionaire Gautam Adani’s conglomerate has signed contracts to buy 1.6 million tons a year of copper concentrate for the world’s largest single-location smelter for the industrial metal.
The first 500,000 tons of capacity at the $1.2 billion facility in Mundra in Gujarat is set to start operations next month, according to Vinay Prakash, chief executive officer at Adani Natural Resources.This will be expanded to 1 million tons by March 2029 to cater for a forecast doubling of Indian copper demand by the end of the decade, he said in an interview.
Adani Enterprises Ltd., the port-to-power conglomerate’s flagship company, is seeking resource security in critical minerals and is resuming capital expenditure now that its shares have stabilized after a short-seller attack in January 2023.The smelter is starting up just as the global copper market experiences a collapse in the fees that processors charge miners because there’s not enough ore to go around.
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A combination of high operating costs and the low fees means smelters and refiners globally may be forced to curtail production, Prakash said.”Our plant will be a low-cost producer with higher metal recovery and this will help us to remain competitive in the market.”
The concentrate deals are a mix of short- and long-term arrangements, Prakash said, without disclosing the suppliers.Concentrate supply is likely to increase in the medium- to long-term as more mining projects, including in Africa and Peru, come on stream, he said.
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)
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