Aditya Birla to sell Mt Gordon copper mine in Australia

5 November 2014 (Last Updated November 5th, 2014 06:28)

Aditya Birla Minerals copper mining company is negotiating with a third party to sell its Mt Gordon copper mine in Australia.

Aditya Birla Minerals copper mining company is negotiating with a third party to sell its Mt Gordon copper mine in Australia.

Mt Gordon mine is located in north-west Queensland, approximately 120km north of Mt Isa, which was targeted to produce 1.4 million tonnes of copper concentrate a year.

According to Press Trust India (PTI) in a filing to the Australian Stock Exchange, the company stated: "As part of the strategic review of the company's Mt Gordon operations, the management is now in negotiations with a third party for the potential disinvestment of 100% shares in Birla Mt Gordon."

"Management is now in negotiations with a third party for the potential disinvestment of 100% shares in Birla Mt Gordon." 

Mt Gordon mine has been put under care and maintenance with no mining operations happening since April 2013.

Hindalco Industries holds 51% of the shares in Aditya Birla Minerals and the company delivers its copper concentrates to Hindalco's copper smelter in India.

Following a sinkhole incident in March this year, the Department of Mines and Petroleum issued a prohibition notice to the company.

Aditya Birla Minerals has reported a significant decline of 80% in copper production and 98% sales this year during the quarter ended September, compared with that for the same period in 2013.