Together with the bronze industry of Vedanta Group's & # 39; Sterlite Copper & # 39; in Thoothukudi, Tamil Nadu, which has been closed for almost two years now, and the losses resulting from the shutdown have been estimated at about $ 600 million so far.
The company has suffered significant losses in six consecutive segments and now sees a daily loss of Rs 5 crore, according to company officials. The company has been battling a prolonged legal battle and is now awaiting the order of the Madras High Court on the matter.
The factory has been undergoing protests from the local public over the years for alleged pollution from the plant. Protests have turned to a worse situation after the company announced it would double the industry's capacity to 800,000 tonnes estimated to be investing Rs 2,400 crore. The expansion was halted after 13 people were killed in a shootout by police during protests.
The company's request to renew the Authorization to Work (CTO) of the existing copper clause was also rejected by the Tamil Nadu Pollution Control Board (TNPCB) in April 2018. This was followed by the governmentâ & # x20AC; & # x2122; s electricity. supplied the plant and ordered it to be closed permanently. the center thereafter.
Sterlite was on his way to the green national court, New Delhi, which dismissed the TNPCB's arrest warrant and passed the renewal warrants. The state government approached the high court, which dismissed the NGT directive and asked the company to approach the Madras High Court. Currently, the matter is pending in the Madras High Court.
The Thoothukudi plant rose 40 per cent of India's iron ore power and India's output fell 46.1 per cent, during FY19 as a result of the closure of Sterlite's 400,000 tonnes facility in 2018. The plant was closed at the end of March. annual repairs first, and later due to protests when the government issued an order to close the center, which cost nearly Rs 635 crore in domestic finances and Rs 2,559 crore to make the conductor using taxes and donations. statutory.
Piyush Goyal, Minister of Trade and Industry, recently told the Rajya Sabha that exports of refined products increased from 44,245 tonnes ($ 294.95 million) in 2017-18 to 92,290 tonnes ($ 605.20 million) in 2018-19, while Indian exports of refined copper. down from 378,555 tonnes ($ 2,435.57 million) in 2017-18 to 47,917 tonnes ($ 302.27 million) in 2018-19, resulting in imports of 44,373 tonnes ($ 302.93 million) in 2018-19. set a net position of 334,310 tonnes ($ 2,140.62 $) million) in 2017-18.
During April-November 2019, exports and refined copper exports stood at 109,324 tonnes ($ 684.02 million) and 18,300 tonnes ($ 106.35 million), respectively.
"Domestic production and exports of refined copper have dropped dramatically due to the closure, by May 2018, of Vedanta Ltd's copper mining plant in Tuticorin, Tamil Nadu, with an annual production capacity of 400,000 tonnes. year, "minister.
The Ministry of Mines, Coal and Parliamentary Affairs, said that annual renewable iron use during 2016-17, 2017-18 and 2018-19 stood at 665,000 tonnes, 650,000 tonnes and 692,000 tonnes, respectively.
Public sector players Hindustan copper Ltd have produced 15,225 tonnes of refined copper by 2020-21, she said. The government has made efforts to increase iron production in HCL, and amended the Minerals and Minerals (Development and Regulations) Act, 1957 to facilitate the exploration and drilling of deep minerals or other minerals. The company has also intensified the exploration of iron ore and will facilitate the introduction of auction products, the ministry said.
However, according to data from the Office of Business Science Research, the price of copper in the London Steel Exchange on May 25, 2018 was $ 6865.3 per tonne, which would change over time to $ 5617.3 tonnes. , on February 28, 2020..
India is currently spending Rs 14,000 crore on high speed to import copper and the indirect effects of closure have also been felt by chemical producers and fertilizers and logistics service providers.
During 2018-19, the demand for refined copper products was 700,000 tonnes, increasing 9-10 percent annually and expected to reach 1.5 million tonnes per year, due to government projects such as Smart projects. City, electrical inspections. of Indian Railways, general housing by 2022, domestic defense production policy, electric vehicles among others.