Mar 06, 2013, 08.49 AM IST
Aditya Birla Minerals, part of Aditya Birla Group, is shutting the smaller of its two Australian copper mines as it is struggling to make money at current copper prices.
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Aditya Birla Minerals to shut Australia copper mine
Aditya Birla Minerals, part of Aditya Birla Group, is shutting the smaller of its two Australian copper mines as it is struggling to make money at current copper prices.
Like this story, share it with millions of investors on M3
Aditya Birla Minerals to shut Australia copper mine
Aditya Birla Minerals, part of Aditya Birla Group, is shutting the smaller of its two Australian copper mines as it is struggling to make money at current copper prices.
"At current production rates, the unit operating cost per pound copper produced at the Mt Gordon operations has become unacceptably high, which is adversely impacting the profitability of the operations and the company," Aditya Birla Minerals said in a statement to the Australian stock exchange.
It said performance at Mt Gordon, which it reopened two years ago when LME copper prices were around USD 9,600 a tonne, had been weaker than expected for a range of reasons, but did not elaborate.
Copper is now trading around USD 7,700 a tonne, or around USD 3.49 a pound, well below Mt Gordon's cash costs in the December quarter at AUSD3.82 a pound, and the company warned that prices may not improve in the near-term.
"Furthermore, there are uncertainties in regards to economic conditions in Europe and a slowdown of the Chinese housing market," it said.
Aditya Birla Minerals appointed the Australia and New Zealand Banking Group
highlights
- No case to revise direct tax rates, slabs
- Super rich tax: 10% surcharge on income above Rs 1 cr
- Modified provisions under GAAR effective April 1, 2016
- No change in standard rate of excise duty, service tax
flashes
- FM speaks to CNBC TV18
- Budget Reaction: Fitch Says Policy Implementation To Be Key Driver Of India Rating
- Budget Reaction: Fitch Says Believe Policy Execution Will Be Challenging
- Budget Reaction: Fitch Says Public Finances Vulnerable To Further Growth Slowdown
InterpretationS
- GAAR-Presumes tax benefit unless proved contrary
- MFs covered for deductions u/s 80CCG
- Excise duty increased on mobile phones of Retail Sale Price (RSP) more than Rs 2000
- ED on readymade garments exempted: positive textile sector
SECTOR IMPACT
Select Sector to see impact
- Auto - Cars & Jeeps
- Auto - LCVs/HCVs
- Banks - Private Sector
- Banks - Public Sector
- Cigarettes
- Computers - Hardware
- Computers - Software - Training
- Construction and Contracting - Real Estate
- Electricals
- Engineering - Heavy
- Finance - General
- Finance - Investments
- Infrastructure - General
- Leather Products
- Media & Entertainment
- Mining/Minerals
- Miscellaneous
- Personal Care
- Pesticides/Agro Chemicals
- Power - Generation/Distribution
- Refineries
- Shipping
- Sugar
- Textiles - Denim
- Textiles - General
Textiles - General
18:52 pm
Exice Duty on readymade garments exempted +ve for textile sector
TAX AND YOU
Salaried Person
REACTIONS
reaction on: Policy
Naina Lal Kidwai
Country Head | HSBC India
reaction on: Business
NK Jain
Vice-chairman | JSW Energy
reaction on: Markets
Mukesh Kumar
Head - Strategic Planning | HDFC ERGO General Insurance
reaction on: SME
Snehdeep Aggarwal
Founder & Chairman | Bhartiya International
reaction on: Policy
Sanjay Sanghvi
Partner | Khaitan & Co
What got Cheaper / costlier?
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