Stelite Ind (SLT) Announces $500M Copper Smelter Expansion in India
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Sterlite Industries (NYSE: SLT), a subsidiary of Vedanta Resources plc., announced a 400 ktpa brownfield copper smelter expansion project at Tuticorin in India, together with an associated 160 MW (2x 80 MW) captive power plant.
The project is expected to be commissioned by Q311.
Post this expansion, the Company will be one of the largest single location custom copper smelters in the world with a total smelting capacity of 800 ktpa. The new smelter will utilise the ISA Smelt technology currently used in the existing smelter at Tuticorin.
The total investment in this project is estimated at around $500 million. The capital investment includes the cost of the smelter, refinery, the captive power facility and other associated facilities such as sulphuric acid plant and phosphoric acid plant. The project will be funded through a mix of debt and internal accruals.
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