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Import of Refined Copper Cost India USD 2.5 Billion - IFC Report

Metal News - Published on Thu, 19 Sep 2019

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A report titled 'Economic and Social Impact of Vedanta' published by the Institute for Competitiveness has estimated that the closure of Sterlite's Copper unit in Tuticorin, Tamil Nadu may have cost India around USD 2.5 billion in the form of increased import of refined copper, reports Money Control. The plant owned by Vedanta was shut down in May 2018 on government order after 13 people had been killed in police firing while protesting against the functioning of the plant, alleging massive pollution caused by it.

The report has also pointed out that the overall induced impact of the Vedanta Group stands at approximately 2.2% of the Gross Domestic Product which is close to INR 3.74 lakh crore.

The report, while estimating the cost incurred by India because of imported refined copper, took into account the Tuticorin plant's production figures from FY18 which stood at 403-kilo tonne, and used the global copper prices which presently hover around USD 6,200 to USD 6,300 per tonne.

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Posted By : Rabi Wangkhem on Thu, 19 Sep 2019
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