Sterlite Inds bids successfully for Zambian copper mine

Mumbai: Sterlite Industries 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 say Sterlite will 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 to 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 2 lakh tonnes of copper per year.

Sterlite, which has a primary business of manufacture of copper anodes, copper cathodes 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 and Hindustan Zinc.