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Indian giant Vedanta is looking for new locations to build a new copper smelter in the country after its plant in the southern state of Tamil Nadu has been closed for nearly three years
.
The Mumbai-based company is seeking cooperation from the governments of India's coastal states to build a 500,000-tonne-per-year copper smelter with a potential investment of about $1.
4 billion
.
According to the company, the project will be built close to the port and will require about 1,000 acres (4.
0469 square kilometers) of land with logistical connectivity
.
Vedanta has filed multiple lawsuits
to restart production at Tuticorin's 400,000-ton copper plant.
The copper mill has been closed by order of the state government since 2018 after multiple people were shot dead
by police while protesting pollution from the plant.
The case of Vedanta restarting the smelter is currently pending
in India's Supreme Court.
Vedanta plans to build a large copper smelter due to the global economic recovery and green initiatives, copper demand is increasing, and copper prices have risen to their highest level
in nearly a decade.
While the rebound has faltered in recent weeks due to increased European inventories and novel coronavirus lockdowns, the added capacity will ease India's trade spending and improve local supply
.
In an emailed statement, Vedanta said: "India's copper demand will grow
exponentially in the coming years.
Having an adequate supply of copper is essential
to ensure the successful implementation of next-generation technologies such as electric vehicles, fast autonomous transportation and clean energy.
”
The closure of the Tuticorin smelter has cut India's copper production by nearly half, making the country a net importer of the metal
.
In the first two years of the shutdown, refined copper imports more than tripled to 151,964 tonnes in the fiscal year ending March 2020, while exports plunged 90% to 36,959 tonnes
, according to a government statement.
Indian giant Vedanta is looking for new locations to build a new copper smelter in the country after its plant in the southern state of Tamil Nadu has been closed for nearly three years
.
The Mumbai-based company is seeking cooperation from the governments of India's coastal states to build a 500,000-tonne-per-year copper smelter with a potential investment of about $1.
4 billion
.
According to the company, the project will be built close to the port and will require about 1,000 acres (4.
0469 square kilometers) of land with logistical connectivity
.
Vedanta has filed multiple lawsuits
to restart production at Tuticorin's 400,000-ton copper plant.
The copper mill has been closed by order of the state government since 2018 after multiple people were shot dead
by police while protesting pollution from the plant.
The case of Vedanta restarting the smelter is currently pending
in India's Supreme Court.
Vedanta plans to build a large copper smelter due to the global economic recovery and green initiatives, copper demand is increasing, and copper prices have risen to their highest level
in nearly a decade.
While the rebound has faltered in recent weeks due to increased European inventories and novel coronavirus lockdowns, the added capacity will ease India's trade spending and improve local supply
.
In an emailed statement, Vedanta said: "India's copper demand will grow
exponentially in the coming years.
Having an adequate supply of copper is essential
to ensure the successful implementation of next-generation technologies such as electric vehicles, fast autonomous transportation and clean energy.
”
The closure of the Tuticorin smelter has cut India's copper production by nearly half, making the country a net importer of the metal
.
In the first two years of the shutdown, refined copper imports more than tripled to 151,964 tonnes in the fiscal year ending March 2020, while exports plunged 90% to 36,959 tonnes
, according to a government statement.
