Our copper business is comprised of operations in India, Zambia and Australia.
Our Indian copper business is principally one of custom smelting and is operated by Sterlite, while our Zambian copper business is owned and operated by KCM. We own 59.9% of the share capital of Sterlite and 79.4% of the share capital of KCM. Sterlite was India’s largest metals and mining company based on net sales in fiscal 2008. In addition, we own the Mt. Lyell copper mine in Tasmania, Australia, which provides a small percentage of Sterlite’s copper concentrate requirements.
Our Zambian operations are comprised of four mines, one at Konkola, two at Nchanga and one at Nampundwe, a tailings leach plant at Nchanga and a smelter at Nkana. Our copper cathode production increased from 437,000 tonnes in fiscal 2006 to 507,000 tonnes in fiscal 2010, representing a CAGR of 4%. The production increases, together with higher copper market prices, drove revenue of our copper business from $2,241.3 million in fiscal 2006 to $3,812.2 million in fiscal 2010, representing a CAGR of 14.2%.
The mid shaft loading station at Konkola Deep Mine Project was commissioned in March 2010 as scheduled. This resulted in an increase in the hoisting capacity of the mine, which has allowed the mining of ore to commence while simultaneously allowing the continued development of the shaft to an ultimate depth of 1,500 metres. Construction work on the bottom shaft sinking us progerssing well for completion by end 2011.