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CMD Arun Kumar Shukla said that the state-owned company will begin to increase mine production of the copper metal in phases to 20.2 million tonnes per annum (MTPA)
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Hindustan Copper Limited (HCL) has said that it would be looking to increase its mine production in phases. This initiative is aimed at boosting domestic production of copper metal and reduce dependence on imports by India.
Speaking at the HCL AGM 2022, CMD Arun Kumar Shukla said that the state-owned company will begin to increase mine production of the copper metal in phases to 20.2 million tonnes per annum (MTPA).
The top official shared that HCL will increase mine production capacity to 12.2 million tonne per annum (MTPA) in the first phase. This will be augmented by the proposed expansion of Malanjkhand Copper Project (MCP) in Madhya Pradesh, which will increase production from two to five MTPA by developing an underground mine below the existing open pit whose life is at its fag end.
But the first phase of this expansion will take seven to eight years.
In addition, the mining company will look for expansion of western sector mines in Khetri, Kolihan and Banwas mine (at Rajasthan), which will increase ore production capacity from existing one to three MTPA.
In FY2021-22, HCL achieved its highest ever turnover of Rs 1812.21 crore in comparison to Rs 1760.84 crore during FY 2020-21.
India has limited copper ore reserves contributing about 0.31% of world copper reserves. India's Mining production capacity is just about 0.1% of world's Mining production capacity, whereas refined copper production capacity is about 4% of world’s refined copper production capacity.
In the financial year 2021-22, the copper ore production in India was 3.57 million tonnes.