Sterlite Signs Copper Pact With Brazil Co

Mumbai, Aug 26 | Updated: Aug 27 2004, 05:30am hrs
Sterlite Industries (India) Ltd, the copper business arm of Vedanta Resources has signed a long term contract with Companhia Vale do Rio Doce (CVRD), Brazil, for sourcing copper concentrate.

It is the essential feed for their copper smelter located at Tuticorin, Tamil Nadu.

Sterlite earns the distinction of being the first customer of CVRD for copper concentrates in India from their Sossego mining project, which started its operation two months ago.

The first vessel carrying copper concentrates from CVRD to Sterlite has docked at Tuticorin Port in the third week of August 2004.

Vedanta COO Kuldip Kaura said: "This, for Sterlite, is moving forward on its strategy and is seen as a success in increasing their tonnage of frame contract and long term relations with leading copper mines worldwide such as CVRD".

The copper smelter of Sterlite presently consumes six lakh tonne of copper concentrates annually sourced from mines located overseas and from their own captive mines in Australia.