Indian billionaire Gautam Adani-controlled conglomerate Adani Enterprises plans to build a copper smelter with an eye to furthering its ambitions in the solar sector, said a source familiar with the plan.
Symbol: COPPER| Contract: Aug, 2016| Category: Metal
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European shares advanced on Thursday as firmer copper prices lifted mining stocks, while expectations among financial investors that Britain would vote to stay in the European Union also supported markets.
Adani Enterprises is in the process of setting up a copper smelter project with a capacity of one million tonnes per annum at an investment of Rs 10,000 crore at Adani Port Special Economic Zone (APSEZ) in Gujarat.
Public sector units (PSUs) such as Nalco and Hindustan Copper Ltd have proposed to invest more than Rs 10,000 crore in the mining sector, Parliament was informed on Wednesday.
Goldman Sachs on Monday said metals, particularly copper and aluminum, are set to underperform oil in the near future on subdued global demand growth and a sluggish Chinese economy.
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