Billionaire Adani Secures Ore for $1.2 Billion Copper Smelter
- Facility is located in the state of Gujarat in western India
- Smelter starting operations just as processing fees tumble
The Adani headquarters in Ahmedabad, India.
Photographer: Prashanth Vishwanathan/BloombergThis article is for subscribers only.
Indian billionaire Gautam Adani’s conglomerate has signed contracts to buy 1.6 million tons a year of copper concentrate for the world’s largest single-location smelter for the industrial metal.
The first 500,000 tons of capacity at the $1.2 billion facility in Mundra in the western state of Gujarat is set to start operations next month, according to Vinay Prakash, chief executive officer at Adani Natural Resources. This will be expanded to 1 million tons by March 2029 to cater for a forecast doubling of Indian copper demand by the end of the decade, he said in an interview.