The Hindu Business Line : Sterlite signs supply contract with Chile's Escondida mine

STERLITE Industries (India) Ltd, the copper business arm of Vedanta Resources Plc, announced on Friday that it has signed a long-term contract with the world's largest copper mine, Escondida in Chile, for the supply of copper concentrate to Sterlite copper smelter at Tuticorin.

This is the largest concentrate contract signed by an Indian Smelter with a mine.

Under the agreement, Escondida, which is majority owned by BHP Biliton, a mining giant, would supply 2,00,000 tonnes of copper concentrate per year to Sterlite's Tuticorin smelter from 2006 onwards.

Sterlite, simultaneously, has also enhanced tonnage under its contracts with other large mines in Chile and Indonesia.

At current capacity, Sterlite consumes 6,00,000 tonnes of copper concentrates annually. Raw materials are sourced from both overseas mines and its own captive mines in Australia.

After the Smelter expansion is brought on full stream, the concentrate requirement would be of the order of 1 million tonnes per annum.

With this and other enhanced long-term mine contracts, Sterlite will secure majority of its copper concentrate requirement through direct long-term contracts.

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