Saturday, January 16, 2021

Hindustan Copper targets Rs 1,200 cr capex in 2018-19

- Advertisement -

Hindustan Copper targets Rs 1,200 cr capex in 2018-19 State-run Hindustan Copper Ltd, which is targeting Rs 2,000 crore revenue from operations in the current fiscal, aims to make capital expenditure (capex) of Rs 1,200 crore this year for capacity expansion, reopening of closed mines and acquiring new mining leases, a top official said on Thursday.

“We are targeting Rs 2,000 crore revenue from operations in 2019-20. Our commitment for capex is Rs 600 crore for this year,” Chairman and Managing Director Santosh Sharma told reporters here.

“We, however, aspire to make capital investment of Rs 1,200 crore in this fiscal for capacity expansion of existing mines, reopening of closed mines and acquiring new mining leases,” he said.

The Kolkata-headquartered company plans to commence work for reopening of the Rakha mine and starting the Chapri-Sidheswar mine at Ghatsila.

READ ALSO:  India exported around 28 lakh tonnes of sugar worldwide

“Bids for Malanjkhand and Chapri mines have been received. We expect to finalise the successful parties very soon,” Sharma said.

Referring to the company’s copper ore tailing facility with a capacity of about 3 million tonnes (MT) per annum at Malanjkhand in Madhya Pradesh, he said the project was supposed to be commissioned last year, but owing to operational problems the miner could complete 30 per cent of the owrk.

“In the coming three months, we would be able to commission the project and are expecting that we would come to commercial production in the next 5-6 months,” Sharma said, adding that the project could provide Rs 50-60 crore revenue annually to the miner.

READ ALSO:  'RIL expanded in every conceivable technology trend'

Sharma said Hindustan Copper’s long term debt stood at Rs 678 crore while the short-term one stands at Rs 392 crore.

The company has been implementing a mine expansion scheme to quadruple its annual capacity from 3.4 million tonnes to 20.2 million tonnes.

The copper miner had recorded a revenue of Rs 1,816.25 crore in 2018-19, with 9 per cent year-on-year growth over the previous year.

READ ALSO:  Apple iPhone 12 Pro Max may come with 6GB RAM: Report

The miner is targeting a production of 51.5 lakh tonnes of copper ore in the current fiscal, Sharma said.

During 2018-19, the company produced 41.22 lakh tonnes of copper ore, which was 12 per cent higher than the previous year’s output of 36.75 lakh tonnes.


India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News


Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

RBI remains ‘steadfast’ to take necessary steps to support economy: Guv

New Delhi, Jan 16 (IANS) Reserve Bank Governor Shaktikanta Das on Saturday said that the central bank remains committed to take any further necessary...

RML hospital docs apprehensive about Covaxin, want Covishield

New Delhi, Jan 16 (IANS) Resident doctors at Delhi's Ram Manohar Lohia (RML) Hospital on Saturday expressed reservations over taking Bharat Biotech's 'Covaxin' due...

Vaccines safe, show faith in your own products: VK Paul

New Delhi, Jan 16 (IANS) Allaying the fears associated with the Covid-19 vaccination drive, V.K. Paul, Member (Health), NITI Aayog, emphasised on Saturday that...

Mild infection good sign, shows immune system responding to vax: AIIMS chief

By Sumit Saxena (IANS) AIIMS Director Dr Randeep Guleria on Saturday joined scores of healthcare workers across the country who were administered Covid-19 vaccine...