
Hindustan Copper shifts to underground mining, plans to double output amid surge in infra demand
Tired of too many ads?
Remove Ads
Tired of too many ads?
Remove Ads
In a significant development for India's mining sector, Hindustan Copper Limited (HCL) has successfully transitioned its flagship Malanjkhand mine from open-cast to fully underground operations.The announcement was made during a site visit on Saturday, where HCL Chairman and Managing Director Sanjiv Kumar Singh laid out the company's ambitious roadmap for copper production."For the year 2024-25, our entire production from Malanjkhand has come from underground mining," said CMD Singh. "We are currently producing around 4 million tonnes, and we aim to double this to nearly 12 million tonnes -- within the next six years," he said.HCL, a Government of India enterprise, is undertaking this expansion to meet the growing domestic demand for copper, which has seen a sharp rise with the emergence of artificial intelligence and data centers."Earlier, copper demand was largely driven by electric vehicles, metros, railways, and transmission lines. But now, with the boom in AI and data centers, which consume huge amounts of copper for wiring and cooling systems, the demand has grown exponentially," Singh explained.Furthermore, in a strategic international move, HCL signed an MoU on April 1, 2025, with Codelco, Chile's state-owned copper mining giant. The partnership aims to strengthen HCL's capabilities in deep exploration, operational excellence, and adoption of global best practices."Codelco will assist us in exploring copper deposits beyond one kilometer depth, share international benchmarks, and help us resolve technical challenges in our mines," Singh said."Their team has already arrived in India as of June 23 to initiate collaborative work."Additionally, CMD Singh described this phase as a pivotal moment in the company's journey. "This is the Amrit Kaal. We must utilize this time effectively to contribute to the Prime Minister's vision of a Developed India by 2047," he said."Our role in meeting India's copper requirements is crucial, and we are committed to scaling up every aspect of our operations," he added.A comprehensive Vision Document has been laid out by Union Coal and Mining Minister G Kishan Reddy to guide this transformation. It outlines production targets, technology upgrades, recycling initiatives, and sustainability goals to ensure the copper industry plays a leading role in India's industrial growth.

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
CID arrests COO of Falcon Group for ₹792 crore ponzi scheme
The Telangana Criminal Investigation Department (CID) arrested Aaryan Singh, the Chief Operating Officer (COO) of a large-scale Ponzi scheme disguised as an invoice discounting platform. The scheme operating under the name of 'Falcon' has siphoned off at least ₹792 crore of 4,065 unsuspecting investors. Singh, aged 39, was arrested in Bathinda, Punjab on July 4 and brought to Hyderabad on a transit remand. He was produced before a magistrate on Saturday and has been remanded to judicial custody. He is the tenth person to be arrested in the ongoing investigation. The company allegedly used social media platforms like YouTube, Google and Instagram, as well as tele-calling operations, to lure depositors by offering high short-term returns through fake deals with reputed multinational corporations. According to CID officials, Singh, who resided in Banjara Hills, Hyderabad, played a key role in the fraud. As COO, he not only issued receipts and agreements to depositors but was also actively involved in designing the scheme with the company's Managing Director, Amar Deep Kumar. Singh reportedly collected strategic deposits worth ₹14.35 crore from victims and diverted ₹1.62 crore into his personal account. The case was booked by the Economic Offences Wing, Cyberabad and later transferred to the CID for further investigation. Another eight FIRs have been filed against the company and its directors across the country. Following the initial complaints, Singh is believed to have fled to Nanded before moving to Bathinda, where he took shelter in a gurdwara. A CID team, acting on specific intelligence, tracked him down and seized two mobile phones and several incriminating documents during his arrest.


NDTV
an hour ago
- NDTV
Adani Enterprises Announces Rs 1,000 Crore NCDs, Issue Opens July 9
Ahmedabad: Adani Enterprises Limited (AEL) on Sunday announced the launch of its second public issuance of secured, rated and listed redeemable, non-convertible debentures (NCD) worth Rs 1,000 crore. The issue opens on July 9 and closes on July 22 (with an option of early closure or extension), offering up to 9.30 per cent per annum. The NCDs have a face value of Rs 1,000 each. Each application will be for a minimum of 10 NCDs and in multiples of 1 NCD thereafter. The minimum application size would be Rs 10,000. The NCDs offer competitive yields compared to similarly rated NCDs and fixed deposits and are proposed to be listed on the BSE and the NSE. The proposed NCDs have been rated "Care AA-; Stable" and "(ICRA) AA- (Stable)", according to the company. AEL's first NCD issuance of Rs 800 crore, launched in September last year, was fully subscribed on the first day. "The second public issuance of NCDs by AEL further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. This new issuance follows the strong market response to AEL's debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group's consistent delivery and financial robustness," said Jugeshinder 'Robbie' Singh, Group CFO, Adani Group. As the incubator of India's most critical energy and transport utility platforms, including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centres, and the green hydrogen ecosystem, he added. "Each of these verticals is poised to play a transformative role in India's journey toward a $5 trillion economy," Mr Singh noted. At least 75 per cent of the proceeds from the issuance will be utilised towards the prepayment or repayment, in full or in part, of the existing indebtedness availed by the company, and the balance (up to a maximum of 25 per cent) for general corporate purposes. The NCDs are available in tenors of 24 months, 36 months, and 60 months with quarterly, annual and cumulative interest payment options across eight series, said the company. The base size issue is Rs 500 crore, with an option to retain over-subscription up to an additional Rs 500 crore (Green Shoe Option), aggregating up to Rs 1,000 crore, according to the flagship company of the Adani Group and India's largest listed business incubators in terms of market capitalisation. AEL is the only corporate (outside of NBFCs) offering a listed debt product for retail investors, thereby creating a rare opportunity for individual and non-institutional investors to participate in India's infrastructure growth story. With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for investors. CARE Ratings first upgraded the credit rating of AEL on February 19, 2025 and reaffirmed the rating on June 18.

The Hindu
6 hours ago
- The Hindu
Adani Enterprises announces second public NCD issue worth up to ₹1,000 crore
Adani Enterprises Limited (AEL), the flagship firm of the Adani Group, has announced the launch of its second public issue of secured, rated, listed, redeemable, non-convertible debentures (NCDs), following its debut NCD issue of ₹800 crore in September 2023, which was fully subscribed on the first day. The new issue opens on July 9, 2025, and will close on July 22, 2025, with the possibility of early closure or extension. The base size of the issue is ₹500 crore, with a green shoe option to retain an additional ₹500 crore, aggregating up to ₹1,000 crore. The NCDs will be offered in tenors of 24 months, 36 months, and 60 months, with quarterly, annual, and cumulative interest payment options across eight series. 'The second public issuance of NCDs by AEL, further deepens our commitment to inclusive capital markets growth and retail participation in long-term infrastructure development. This new issuance follows the strong market response to AEL's debut NCD offering, which witnessed capital appreciation for debt investors after a rating upgrade within six months, reflecting the Group's consistent delivery and financial robustness,' said Jugeshinder 'Robbie' Singh, Group CFO, Adani Group. The proposed NCDs have been rated 'Care AA-; Stable' and '(ICRA) AA- (Stable)'. CARE Ratings upgraded AEL's credit rating on February 19, 2025, and reaffirmed it on June 18, 2025. ICRA assigned its rating on March 28, 2025, and reaffirmed it on June 17, 2025. Instruments with these ratings are considered to have a high degree of safety for timely servicing of financial obligations and carry very low credit risk. 'As the incubator of India's most critical energy and transport utility platforms including Adani Ports & SEZ, Adani Energy Solutions, Adani Power, and Adani Green Energy, AEL is now successfully scaling the next generation of infrastructure businesses across airports, roads, data centers, and the green hydrogen ecosystem. Each of these verticals is poised to play a transformative role in India's journey toward a $5 trillion economy,' Mr. Singh added. AEL stated that it remains the only corporate (outside of NBFCs) offering a listed debt product aimed at retail investors, creating an opportunity for individual and non-institutional investors to engage in infrastructure development. 'With the recent rate cuts and the beginning of a softer interest rate cycle, the AEL NCD issue comes at an opportune time for investors seeking stable, fixed-income avenues. Offering competitive yields compared to similarly rated NCDs and fixed deposits, this public issue presents a valuable proposition for the investors,' the company said in a statement. The face value of each NCD is ₹1,000, and the minimum application size is ₹10,000 (10 NCDs), with further investment allowed in multiples of one NCD thereafter. At least 75% of the net proceeds will be used for the prepayment or repayment of existing debt, while the remaining 25% will be used for general corporate purposes, it said. Nuvama Wealth Management Limited, Trust Investment Advisors Private Limited, and Tipsons Consultancy Services Private Limited are acting as Lead Managers to the Issue, the company said.