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Business News›Industry›Ind'l Goods/Svs›Metals & Mining›Hindustan Copper plans capital investment of over Rs 7,000 cr over next 5-6 yrs

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Hindustan Copper plans capital investment of over Rs 7,000 cr over next 5-6 yrs

Synopsis

Hindustan Copper plans significant capital investment over the next five to six years. This expansion drive includes exploration and mine revival initiatives. The company is also pursuing strategic partnerships for growth opportunities. Rising domestic copper demand fuels these ambitious expansion plans. Hindustan Copper aims to bolster India's mineral security through these efforts.

ANI

New Delhi: State-owned Hindustan Copper Ltd (HCL) on Tuesday said it is planning capital investment of over Rs 7,000 crore over the next five to six years, as part of an expansion drive that includes exploration, mine revivals and strategic partnerships.



In a regulatory filing, the company said it has taken several strategic initiatives in the copper and critical minerals segment, and has lined up capital investment of over Rs 7,000 crore planned in the next 5-6 years.



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The development assumes significance in the wake of the country's rising copper demand, driven by infrastructure expansion, renewable energy, electric mobility and other clean-energy applications.



The company, in a regulatory filing, said it has added 135.52 million tonnes of copper ore reserves and resources in the past three years, underlining a steady improvement in its resource base.




HCL said it is actively pursuing the acquisition of new copper deposits both within India and overseas. A key focus of the plan is the reopening of closed mines across the country to ramp up domestic production, the firm added.

Hindustan Copper also announced a collaboration with CODELCO, Chile's state-owned copper company, aimed at capacity building, knowledge sharing and technical cooperation in mining, beneficiation and exploration.

Domestically, HCL has signed multiple memoranda of understanding with leading public sector undertakings like RITES, Indian Oil Corporation, Coal India, Oil India and GAIL, to expand its mining footprint and bolster India's mineral security.



The company is the sole vertically integrated producer of refined copper in the country, with capabilities spanning mining, ore beneficiation, smelting, refining and extrusion of copper rods.



HCL holds all the operating mining leases for copper ore in India and controls access to about 45 per cent of the nation's copper ore reserves and resources.



Hindustan Copper's combined resources and reserves stand at 767.37 million tonnes. The company's market capitalisation stood at Rs 51,619 crore.

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