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Copper Captain
Gautam Adani, Founder and Chairman, Adani Group, heads the conglomerate which secured the world’s largest single-location copper smelter in Gujarat. His company signed contracts to buy 1.6 million tonnes a year of copper concentrate, which will expand to 1 million tonnes by March 2029 to cater for a forecast doubling of Indian copper demand by the end of the decade.
The first 500,000 tonnes of capacity at the $1.2 billion facility in Mundra, Gujarat, is set to start operations next month. Adani Enterprises the port-to-power conglomerate’s flagship company seeks resource security in critical minerals and is resuming capital expenditure now that its shares have stabilised after a short-seller attack in January 2023.
The smelter is starting up just as the global copper market experiences a collapse in the fees that processors charge miners in view of scarcity of the ore.
Gautam Adani, Founder and Chairman, Adani Group, heads the conglomerate which secured the world’s largest single-location copper smelter in Gujarat. His company signed contracts to buy 1.6 million tonnes a year of copper concentrate, which will expand to 1 million tonnes by March 2029 to cater for a forecast doubling of Indian copper demand by the end of the decade. The first 500,000 tonnes of capacity at the $1.2 billion facility in Mundra, Gujarat, is set to start operations next month. Adani Enterprises the port-to-power conglomerate’s flagship company seeks resource security in critical minerals and is resuming capital expenditure now that its shares have stabilised after a short-seller attack in January 2023. The smelter is starting up just as the global copper market experiences a collapse in the fees that processors charge miners in view of scarcity of the ore.