Tuticorin, India :
During a visit last week Thursday to Sterlite Copper, a subsidiary of Vedanta Resources, which owns the Skorpion Zinc mine in southern Namibia, Minister of Trade and Industry, Calle Schlettwein, reiterated Namibia’s stance on beneficiation in the mining industry. In mining, beneficiation is a variety of processes whereby extracted ore from is prepared for further processing or direct use.
The process encourages economic development at the point of mineral extraction and increases the proportion of the value derived from asset exploitation, which stays ‘in country’ and thereby increases the benefits for local communities. Sterlite Copper, based in the port city of Tuticorin in the district of Thoothukudi on the southern tip of India, represents copper business in India of Sesa Sterlite Limited, the principal operating company of Vedanta Resources. Sterlite Copper initially started producing cables and then moved into rod production and then to smelter activities and refining, after which it also acquired copper mines. These mines feed around 5 to 7 percent of its captive consumption. Sterlite is one of the fastest growing private sector companies in India and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in India. Sterlite is also the first Indian metals and mining company to get listed on the New York Stock Exchange (NYSE) in 2007.
Since the inception of the massive industrial plant in Thoothukudi in 1996, the district of Thoothukudi went into a developmental phase as per capita income increased three-fold, while the overall literacy rate increased to 92 percent from 81 percent. The material handling capacity of Tuticorin port also doubled as Sterlite played a pivotal role by importing huge volumes of copper concentrate and exporting copper and also other raw materials and finished goods. The plant now produces copper cathodes and copper rods from the imported copper concentrate, as well as sulphuric acid, phosphoric acid and hydro-fluoro silicic acid.
According to Ponnuswamy Ramnath, Chief Executive Officer of Sterlite Copper, Sterlite is continuously and consistently taking steps to become an international player in non-ferrous mining and metals. “Sterlite set up a wholly owned new company – Sterlite Opportunities and Ventures Limited in 2002, which acts as a vehicle for its acquisitions and mergers. Sterlite acquired the copper mines of Tasmania (CMT) in Australia via acquisition of their holding company Monte Cello Corporation,” said Ramnath. The Sterlite copper rod plant is now India’s largest copper producer with 400 000 tonnes annual capacity, resulting in an Indian refined copper market share of about 40 percent.
source: http://www.allafrica.com / allAfrica / Home> English / by Edgar Brandt / February 03rd, 2014