&w=3840&q=100)
Hindustan Copper collaborates with Chile's Codelco to ramp up production
The Kolkata-based PSU has forged a partnership with Chile's Codelco to enhance technical strength to boost production, he said.
"We've forged a strategic partnership with Codelco to build technical strength and explore deeper mineralisation. The visit of Codelco representatives to our key mining sites is part of efforts to upgrade our capabilities, HCL Chairman and Managing Director Sanjiv Kumar Singh told PTI.
A three-week-long visit by experts from the Chilean copper major is currently underway, during which the team has been visiting all HCL units and offices across the country to assess various mining and operational aspects.
The development comes in the backdrop of sharp criticism from the Comptroller and Auditor General (CAG) in its performance audit report submitted last December.
Covering the period between 2016-17 and 2021-22, the report flagged off serious lapses in planning, contractor selection and execution for low production growth, including that in the Malanjkhand underground development project a key initiative for the state-owned copper major.
Central to HCL's expansion plan is the Malanjkhand Copper Project (MCP) in Madhya Pradesh, where the company has completed its transition to underground mining and is now "relying on technical expertise" from Codelco, the world's largest copper producer, to accelerate progress, the official said.
Singh said the memorandum of understanding between HCL and Codelco is structured to focus on deep exploration by leveraging its global expertise to locate deeper ore bodies and technical capacity building.
It will explore the possibility of forming a joint venture for developing copper blocks in Chile, he said.
While the scope of the MoU currently emphasises technical collaboration, Singh indicated that the partnership might be expanded in the future, depending on progress and mutual interest, Singh said.
The CAG report had also noted that awarding a ₹1,176-crore contract for Malanjkhand to a financially weak and blacklisted firm led to significant delays and a potential revenue loss of ₹1,051 crore.
The cost overrun was pegged at ₹538 crore, further compounded by unjustified ad hoc payments, it said.
Despite past challenges, Malanjkhand recorded its highest-ever annual underground ore production of 2.73 million tonnes in FY 2024-25, exceeding its target by 3 per cent.
The company now plans to raise the mine's capacity to 5 million tonnes per annum, making it a cornerstone of HCL's long-term capacity expansion roadmap, Singh added.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Hindu
an hour ago
- The Hindu
C.R.I. Pumps receives National Award
C.R.I. Pumps has received the National Award for Export Excellence presented by the Engineering Export Promotion Council (EEPC) of India for the fiscal 2022–23. A press release said the Coimbatore-based water solution company received the award in the 'Pumps – Large Enterprise' category and it is C.R.I.'s 22nd EEPC Award. Ashish Minal Babaji Shelar, Minister of Information Technology & Cultural Affairs, presented the award recently. CODISSIA welcomes government measures The Coimbatore District Small Industries Association (CODISSIA), the CODISSIA Industrial Park at Kallapalayam (Sulur taluk), and the CODISSIA Defence Innovation and Atal Incubation Centre have welcomed the measures by the officials for controlling air pollution around the Industrial Park. A press release from the CODISSIA said about 20 industries had begun operations at the park that is spread over 120 acres. A few industries located at Orattukuppai village in Madukkarai taluk, just outside the Industrial Park, were reportedly causing air pollution, affecting the residents of the village and the employees at the CODISSIA park. The issue was taken up with the government authorities and they had taken action against the polluting industries, the release said.
Time of India
2 hours ago
- Time of India
Oriental Trimex to divest land assets, granite unit to streamline operations
NEW DELHI: Marble processor and importer Oriental Trimex on Saturday said it plans to divest land assets and a small granite unit in Odisha to reduce expenses and streamline operations. According to a business update shared on stock exchanges, the Odisha-based company said it plans to divest seven acres of land in the Somnathpur Industrial Estate , Balasore, and a small granite unit in the Rairangpur Industrial Area in Mayurbhanj district of the state. "This decisive action will streamline our operations, reduce recurring expenses, and enhance liquidity for more focused investments," it said. The company also said that it is poised to commence quarry operations at Black Granite mine this quarter and anticipate initiating commercial production shortly thereafter. The company received an official mining lease from the Odisha government for the Black Granite quarry in May this year. The lease encompasses 4.961 hectares in the village of Potteru in Malkangiri District. Oriental Trimex also announced deployment of a "smart cut" machine with an ultra-thin wire which, it said, will help reduce waste by 20 per cent, optimise yields and bolster profit margins. On demand scenario, the company informed that the rising trend of luxury apartment developments by prominent builders in the National Capital Region has created a vibrant market for its products, including high-quality imported marbles, indigenous granites, and marble-design vitrified tiles.
Time of India
2 hours ago
- Time of India
Not under investigations, matter relates to India Cements: UltraTech on CCI direction
NEW DELHI: The country's leading cement maker UltraTech, on Saturday said it is not under investigation by the fair trade regulator CCI over alleged contravention of competition norms in tenders floated by state-run oil major ONGC. "It is clarified that the Company is not under investigation in this Case No. 35 of 2020 before the Competition Commission of India ("CCI"). The company has neither received any order from the CCI in this case nor have the company's financials been sought by the CCI," said the Aditya Birla group flagship firm in a BSE filing. It further said that its newly acquired entity India Cements Ltd (ICEM) is a party in case No 35 of 2020 and the South-India-based manufacturer is exploring legal options over the same. "The India Cements Ltd (ICL), a subsidiary of the Company, is party to Case No. 35 of 2020 and is separately making appropriate disclosures in this regard, while exploring legal options," it said. India Cements, which was earlier promoted by the Srinivasan family, was acquired by UltraTech in December 2024. It had acquired a 32.72 per cent stake from promoters and promoter group entities, along with a 22.77 per cent stake from the market of the Tamil Nadu-based company. Meanwhile, in a separate filing on Saturday, India Cements said it is "yet to receive a full version of the investigation report of the Director General, under the Competition Act, 2002". It is currently assessing its legal options and "there is no finding by the CCI at this stage against ICEM and no financial penalty has been levied". Earlier, in May this year, CCI had directed India Cements, along with Dalmia Bharat Cements and Shree Digvijay Cements and their executives to submit financial documents, after its Director General in its investigations found contravention of competition norms. The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tender. The Competition Commission of India (CCI) has also directed to submit their audited financial statement, including balance sheet and profit and loss account, within eight weeks of the order. Besides, CCI has also directed their executives to submit detailed financials and income tax records for five years, along with formal responses to the investigation report. On Friday, Dalmia Bharat, in a regulatory filing, said CCI is yet to hear in the matter or pass any formal order. "DCBL remains committed to full regulatory compliance and is cooperating with the authorities," it said. The CCI direction came over a complaint filed by ONGC alleging cartelisation in its tenders. Following this, the fair trade regulator had on November 18, 2020, directed its probe unit Director General to look into the issue. The DG had submitted the report of its investigation on February 18, 2025, in which found contraventions of the competition regulations. It had found that India Cements, along with Shree Digvijay Cement and Dalmia Cement, with a middleman named Umakant Agarwal, engaged in anti-competitive collusion. Later, CCI on May 26, 2025, considered the investigation report and in a four-page order also directed the cement manufacturer to submit income derived from sales to alleged contraventions by the PSU. The CCI notice also mentioned if there is non-furnishing of the financial details or incomplete/false information, within the time frame by the companies, then they would be liable under section 45 of the Act.
