Business Review
Operations Review
Operations Review Copper











Copper graph

The performance of our Copper-India/Australia business in FY 2010 is set out below.

(in US$ millions, except as stated) FY 2010 FY 2009 % change 
Production (kt)      
   Australia – mined metal content 24 27 (11.1)
   India – cathode 334 313 6.7 
Average LME cash settlement prices (US$ per tonne) 6,112 5,885 3.9 
Unit conversion costs (US cents per lb) 10.4 3.1 235.5 
Realised TC/RCs (US cents per lb) 13.6 11.7 16.2 
Revenue 2,741.4 2,537.9 8.0 
EBITDA 165.9 293.7 (43.5)
EBITDA margin 6.1% 11.5% –
Operating profit 65.9 242.9 (72.9)

Production Performance
Production of cathodes at our Copper-India business was 334 kt in FY 2010, up 6.7% year on year reflecting both the impact of planned maintenance undertaken and the effect of lower copper grades in concentrate on production volumes during FY 2009. The Tuticorin plant will be shut down for its biannual maintenance during June–July 2010 for around 20 days.

Mined metal production at our Australian mines was 11% lower at 24 kt in FY 2010 due to the impact of a mud rush in Q2. The mine has now resumed normal production.

Copper sales in the domestic market were 206 kt in FY 2010. 78% of these were value added copper rods, supplied largely to the rapidly growing power sector.