Public CompanyHind Copper to invest Rs 3.5k cr to up prod to 11 MTPA
The government today said Hindustan Copper would ramp up production to 11 million tonnes per annum by 2017 with an investment of Rs 3,500 crore.
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Currently, it produces 3.15 million tonnes per annum (MTPA).
The company has also sent a proposal for 20 per cent share sale to the Ministry of Disinvestment, including 10 per cent for meeting its expansion needs, it said.
"HCL is aggressively pursuing increase in mine production by expansion of current mines, re-opening of closed mines at Ghatsila and development of new deposit...To increase mine production from current level of 3.15 million tonne/annum (MTPA) to 11 MTPA by 2017 with an investment of Rs 3,500 crore," Mines Ministry said in a statement.
It said the company has kept the option for acquiring copper deposits in other geographies open to enhance production.
Regarding disinvestment the statement said, "the company has sent a proposal for a follow on public offer (FPO) to the Ministry for Disinvestment of 20 per cent of company’s equity – 10 per cent for GoI and 10 per cent for meeting its expansion needs".
As per estimates, the disinvestment of 20 per cent equity could mobilise Rs 7,000 crore, half of which may be used for expansion needs.