Vedanta sells copper concentrate from stockpiles at shuttered Sterlite plant

Reuters reported that Vedanta Ltd has been selling copper concentrate on the spot market from stockpiles at its Sterlite smelter, after the facility was forced to stop operating earlier this year amid pollution concerns. An official told Reuters “The company is disposing of around 70,000 tonnes of copper concentrate that have been lying unused since the closure of the plant.” The Tamil Nadu state disconnected the smelter’s power supply in May following anti-pollution protests that turned violent and culminated in the police opening fire, killing 13 protesters. But traders expect it to restart in 2019, saying the selldown of stockpiles was likely to be because the company is looking to raise cash and square its books before year-end rather than a sign the facility would not reopen.