The Hindu Business Line : Sterlite bids successfully for Zambian mine

STERLITE Industries Ltd (SIL), a major non-ferrous metal player in the country, has emerged as the successful bidder for a controlling stake in Konkola Copper Mines Plc, the biggest Government-owned copper mine in Zambia.

Company officials said that Sterlite would shortly be starting negotiations with the Zambian Government regarding the terms of sale and other issues related to the operation of the mine.

However, they were reluctant put any expected investments in the Zambian venture.

The Konkola mine is said to still contain a reserve that would last for another 15 years. The mine currently produces two lakh tonnes of copper per annum.

Sterlite, which had a primary business of manufacture of copper anode, copper cathode and continuous cast copper rods, has been making significant investments in companies related to similar businesses, including in the equity capital of Bharat Aluminium Co Ltd and Hindustan Zinc Ltd (HZL).

It has also acquired copper mines in Tasmania and Thalanga, Australia, by investing in Monte Cello BV. Besides these, the company has made investments in certain non-metal businesses such as Sterlite Paper Ltd and Sterlite Optical Technologies Ltd.

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