Left Menu
Development News Edition

Hindustan Copper chalks out strategy to ramp up output to 20 MT by 2024


Hindustan Copper chalks out strategy to ramp up output to 20 MT by 2024

State-owned Hindustan Copper (HCL) has chalked out a strategy, which includes reopening of closed mines, to augment production capacity to up to 20 million tonne per annum by 2024.

The company's current capacity of copper ore is 3.8 million tonne per annum (MTPA).

"My target is to go to 20 MT by 2024...This ramp-up will be done by particular strategy which includes expansion of existing mines like Malanjkhand...Number two strategy will be to reopen the closed mines...construction of new mines," HCL Chairman and Managing Director (CMD) Santosh Sharma told reporters here.

"All these three activities will enable (the company) to reach 20 MT," he said.

The company, which plans to pump in Rs 5,500 crore over the next six years to scale up its output by six times, is looking to reopen its Rakha copper mine soon.

It is planning to raise the capacity of the company to 4.1 MTPA by the end of the current financial year.

"This year only, I am planning to bring it to 4.1 MT. I am sure to achieve it. Next year (2019-20), it is 5.1 MT. Then 2020-21 it is 6.1 MT," he said.

Hindustan Copper, which is currently catering to around five per cent of the domestic copper demand, expects to take it to 30 per cent.

"HCL will be able to cater to 30 per cent domestic requirement of refined copper after this expansion (after 2023-24)," Sharma said.

The company is also hopeful that its Malanjkhand underground mine would come into operation in September.

The mine is almost ready for production, he said.

More than 60 per cent of the company's revenue comes from Malanjkhand open-cast copper mine, whose production capacity is 2.5 MTPA currently.

"We are going to increase our production capacity of Malanjkhand to 5 million tonne and thereafter 8 million tonne," Sharma added.

Meanwhile, Sharma said the waste rocks extracted by Hindustan Copper are fit for the Railways and the company is in talks with national transporter to sell them.

"Railways has already given acceptance certificate. My secondary resources are of fit quality for Railways. That communication we have received. To supply it to Railways, we need some permissions from state authorities. Trial run is already in progress," the CMD said.

The company is also likely to commission its waste-to-wealth project soon at its Malanjkhand project, which will enable it to extract precious metals such as gold and silver, as well as minerals such as silica through a copper ore tails project.

"We are company which has non-LME (London Metal Exchange) verticals like copper ore tailing beneficiation....These non-LME verticals will be waste rocks, copper ore tailing...these will support us in case of lower LME. Even if LME goes down, we are able to maintain our profitability and sustainability. This will provide me hedge," he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


TRENDING

OPINION/BLOG/INTERVIEW

JNU Administration's 100-meter challenge before JNUSU

For the first time in its history, Jawaharlal Nehru University JNU Administration is seeking permanent deployment of local police to keep protesting students at 100 meters away from the Administrative Block. It would be interesting to see h...

Sentiment Analysis of Twitter users during COP25: Governments losing trust on Climate Action

Sentiment analysis of Twitter users during COP25 in Madrid, being held from December 2-13, shows widespread fear on climate change due to global warming but almost no trust on governments in meeting the emission targets. In the analysis the...

These innovators are making humanitarian response more efficient

These alarming trends prompt a call for the world to not only address the ongoing crisis but also to adopt innovative approaches to fulfill the growing humanitarian needs in such emergencies. ...

Hyderabad Encounter: A sentiment analysis of public mood on day of encounter

Sentiment analysis of twitter users revealed that they showered salutes on Hyderabad police for eliminating alleged gang rapists of the veterinary doctor but only a few believe in cops version of successive events leading to encounter....

Videos

Latest News

Ex-Sudan strongman al-Bashir gets 2 years for corruption

Khartoum Sudan, Dec 14 AP A court in Sudan convicted former President Omar al-Bashir of money laundering and corruption on Saturday, sentencing him to two years in prison. Thats the first verdict in a series of legal proceedings against al-...

Sudan ex-president Bashir sentenced to two years in detention for corruption

A Sudanese court on Saturday convicted former president Omar al-Bashir of corruption and illicit possession of foreign currency and sentenced him to two years of detention in a reform facility.Sudans military ousted Bashir in April followin...

I cautioned Nitish Kumar against supporting CAB, appeal went in vain: Pavan Verma

The fault lines within the Janta Dal-United JDU over the partys official support to the Citizenship Amendment Act, 2019, that helped it sail through the Parliament, has only apparently widened with the partys general secretary Pavan Verma r...

UPDATE 2-Golf-US fight back to leave Presidents Cup in the balance

The United States clawed back into contention at the Presidents Cup on Saturday by dominating the afternoon foursomes, but late scrambling by the Internationals secured a 10-8 lead heading into the final day at Royal Melbourne.There were an...

Give Feedback