Hindalco Industries’ subsidiary Aditya Birla Minerals has signed a binding agreement with Lighthouse Minerals Holdings to sell the Mt Gordon Copper mine in Australia for A$5 million cash. It will also receive further staggered payments based on the LME (London Metal Exchange) copper price. The deal is expected to be completed by the October end.
The Mt Gordon Copper mine was put under care and maintenance in April 2013 after copper prices crashed below the cost of production.
Hindalco Industries, the metals flagship company of the Aditya Birla Group, is an industry leader in aluminium and copper. The company’s aluminium units across the country encompass the entire gamut of operations from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions, foils and alloy wheels, along with captive power plants and coal mines.
