Public sector undertaking Hindustan Copper Limited (HCL) plans to invest approximately Rs 2,000 crore over the next 5-6 years as it aims to expand its mining capacity, said the company in its corporate presentation on Wednesday.
The state-run copper producer aims to expand its mine capacity from 3.47 million tonnes per annum (MTPA) in FY24-25 to 12.2 MTPA by FY30-31. It stated that an increased budget of exploration led to 123 million tonnes of additional copper ore reserves and resources in the last two years.
HCL has been acquiring new promising copper deposits in India and abroad by taking part in mineral auctions. It has also signed MoUs with Indian PSUs to expand its mining portfolio.
As per the presentation, the company’s capex stood at Rs 350 crore per year between FY22 and FY25. However, in all four years, the company’s actual capex stood higher than Rs 350 crore.
Hindustan Copper recently reported a 52% increase in consolidated profit at Rs 189 crore for the quarter that ended on March 31. Its consolidated income during the fourth quarter rose to Rs 777.28 crore as against Rs 585.22 crore in the year-ago period.