Mumbai, Oct. 15: Sterlite Industries Ltd, the Anil Agarwal group company, wants to renegotiate its $2.6-billion buyout price for Americas Asarco.
A spokesperson for Sterlite told The Telegraph that the world financial crisis and the sudden drop in copper prices had prompted the company to approach Asarco and seek a rediscovery of the acquisition price.
He said the huge drop in global copper prices was the major factor responsible for the development.
Copper prices have dropped to $5,000 per tonne from $8,000 per tonne because of fears that the credit crisis could impact economic growth, slowing demand for commodities such as copper.
In May, Sterlite had signed an agreement with Asarco, a Tucson-based mining, smelting and refining company, to acquire its operating assets for $2.6 billion.
Asarco is the third largest copper producer in the US, producing 235,000 tonnes of refined copper in 2007.