Latest news with #MalanjkhandCopperProject
The Print
06-07-2025
- Business
- The Print
Hindustan Copper banks on Chile's Codelco to ramp up output
'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. The Kolkata-based PSU has forged a partnership with Chile's Codelco to enhance technical strength to boost production, he said. Kolkata, Jul 6 (PTI) Hindustan Copper Ltd (HCL) is focusing on copper exploration and production through global collaborations as it seeks to ramp up its mining capacity from 3.47 million tonnes to 12 million tonnes per annum by FY 2030-31, a top company official said on Sunday. 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 Rs 1,176-crore contract for Malanjkhand to a financially weak and blacklisted firm led to significant delays and a potential revenue loss of Rs 1,051 crore. The cost overrun was pegged at Rs 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. PTI BSM BDC This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
&w=3840&q=100)
Business Standard
06-07-2025
- Business
- Business Standard
Hindustan Copper collaborates with Chile's Codelco to ramp up production
Hindustan Copper Ltd (HCL) is focusing on copper exploration and production through global collaborations as it seeks to ramp up its mining capacity from 3.47 million tonnes to 12 million tonnes per annum by FY 2030-31, a top company official said on Sunday. 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.
The Print
12-06-2025
- Business
- The Print
Hind Copper plans Rs 2,000cr capex for core expansion by FY31, excludes PPP projects
However, this capital expenditure excludes the development of the Rakha and Chapri mines in Jharkhand, which are being revived through a Public-Private Partnership (PPP) model. The investment is part of HCL's broader plan to triple its ore production capacity from the current 4 million tonnes per annum (MTPA) to 12.2 MTPA by FY2030-31. Kolkata, Jun 11 (PTI) State-run Hindustan Copper Ltd (HCL) will invest around Rs 2,000 crore over the next five to six years to expand its mining operations, primarily at its flagship Malanjkhand Copper Project (MCP) in Madhya Pradesh, a top company official said. A JSW Group company has secured the Mine Developer and Operator (MDO) contract for the two mining blocks in Jharkhand and is expected to invest around Rs 2,600 crore, including the setting up of a concentrator plant. 'The Rs 2,000 crore capex will be funded by HCL, with the majority directed towards the Malanjkhand Copper Project (MCP), which will see an investment of around Rs 1,400–1,500 crore. The remaining will be allocated to projects at Khetri and the Indian Copper Complex,' HCL Chairman and Managing Director Sanjiv Kr Singh told PTI. According to the company's updated corporate presentation, the Malanjkhand site expansion involves the development of underground mining infrastructure, installation of a paste-fill plant, and setting up of a new concentrator facility. At Khetri in Rajasthan, the focus will be on enhancing mining and concentrator capacities, while at Jharkhand's ICC unit, operations at the Rakha mine are expected to resume by the fourth quarter of the current fiscal. The capex initiative also aligns with HCL's broader strategy of increasing domestic copper availability amid India's rising consumption driven by infrastructure, renewable energy, EVs, and defence manufacturing. In FY25, the company recorded its highest-ever revenue of Rs 2,071 crore and profit before tax of Rs 634 crore. Over the past two years, HCL has added over 123 million tonnes of copper ore resources through exploration and plans to continue augmenting its reserves. The miner is also exploring opportunities to acquire new deposits through upcoming mineral auctions and is collaborating with Chile's CODELCO for technology and knowledge-sharing in mining and beneficiation. HCL, the country's only vertically integrated copper producer, currently holds access to about 45 per cent of India's copper ore resources, the company said. PTI BSM NN This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Time of India
11-06-2025
- Business
- Time of India
Hindustan Copper plans Rs 2,000cr capex for core expansion by FY31, excludes PPP projects
Hindustan Copper Ltd. (HCL) will invest approximately Rs 2,000 crore over the next five to six years to expand its mining operations, primarily focusing on the Malanjkhand Copper Project in Madhya Pradesh. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads State-run Hindustan Copper Ltd (HCL) will invest around Rs 2,000 crore over the next five to six years to expand its mining operations, primarily at its flagship Malanjkhand Copper Project (MCP) in Madhya Pradesh, a top company official investment is part of HCL's broader plan to triple its ore production capacity from the current 4 million tonnes per annum (MTPA) to 12.2 MTPA by this capital expenditure excludes the development of the Rakha and Chapri mines in Jharkhand, which are being revived through a Public-Private Partnership (PPP) model.A JSW Group company has secured the Mine Developer and Operator (MDO) contract for the two mining blocks in Jharkhand and is expected to invest around Rs 2,600 crore, including the setting up of a concentrator plant."The Rs 2,000 crore capex will be funded by HCL, with the majority directed towards the Malanjkhand Copper Project (MCP), which will see an investment of around Rs 1,400-1,500 crore. The remaining will be allocated to projects at Khetri and the Indian Copper Complex," HCL Chairman and Managing Director Sanjiv Kr Singh told to the company's updated corporate presentation, the Malanjkhand site expansion involves the development of underground mining infrastructure, installation of a paste-fill plant, and setting up of a new concentrator Khetri in Rajasthan, the focus will be on enhancing mining and concentrator capacities, while at Jharkhand's ICC unit, operations at the Rakha mine are expected to resume by the fourth quarter of the current capex initiative also aligns with HCL's broader strategy of increasing domestic copper availability amid India's rising consumption driven by infrastructure, renewable energy, EVs, and defence manufacturing. In FY25, the company recorded its highest-ever revenue of Rs 2,071 crore and profit before tax of Rs 634 the past two years, HCL has added over 123 million tonnes of copper ore resources through exploration and plans to continue augmenting its reserves. The miner is also exploring opportunities to acquire new deposits through upcoming mineral auctions and is collaborating with Chile's CODELCO for technology and knowledge-sharing in mining and the country's only vertically integrated copper producer, currently holds access to about 45 per cent of India's copper ore resources, the company said.
&w=3840&q=100)
Business Standard
11-06-2025
- Business
- Business Standard
Hind Copper plans ₹2,000cr capex for core expansion, exludes PPP project
State-run Hindustan Copper Ltd (HCL) will invest around Rs 2,000 crore over the next five to six years to expand its mining operations, primarily at its flagship Malanjkhand Copper Project (MCP) in Madhya Pradesh, a top company official said. The investment is part of HCL's broader plan to triple its ore production capacity from the current 4 million tonnes per annum (MTPA) to 12.2 MTPA by FY2030-31. However, this capital expenditure excludes the development of the Rakha and Chapri mines in Jharkhand, which are being revived through a Public-Private Partnership (PPP) model. A JSW Group company has secured the Mine Developer and Operator (MDO) contract for the two mining blocks in Jharkhand and is expected to invest around Rs 2,600 crore, including the setting up of a concentrator plant. The Rs 2,000 crore capex will be funded by HCL, with the majority directed towards the Malanjkhand Copper Project (MCP), which will see an investment of around Rs 1,4001,500 crore. The remaining will be allocated to projects at Khetri and the Indian Copper Complex, HCL Chairman and Managing Director Sanjiv Kr Singh told PTI. According to the company's updated corporate presentation, the Malanjkhand site expansion involves the development of underground mining infrastructure, installation of a paste-fill plant, and setting up of a new concentrator facility. At Khetri in Rajasthan, the focus will be on enhancing mining and concentrator capacities, while at Jharkhand's ICC unit, operations at the Rakha mine are expected to resume by the fourth quarter of the current fiscal. The capex initiative also aligns with HCL's broader strategy of increasing domestic copper availability amid India's rising consumption driven by infrastructure, renewable energy, EVs, and defence manufacturing. In FY25, the company recorded its highest-ever revenue of Rs 2,071 crore and profit before tax of Rs 634 crore. Over the past two years, HCL has added over 123 million tonnes of copper ore resources through exploration and plans to continue augmenting its reserves. The miner is also exploring opportunities to acquire new deposits through upcoming mineral auctions and is collaborating with Chile's CODELCO for technology and knowledge-sharing in mining and beneficiation. HCL, the country's only vertically integrated copper producer, currently holds access to about 45 per cent of India's copper ore resources, the company said.
