State-owned Hindustan Copper is taking requisite actions to increase the output from its mines and is also in the process of augmenting the mining capacity through expansion projects.
The company during 2010-11 had envisaged increasing the mine production capacity from 3.4 million tonnes per annum to 12.2 million tonnes per annum. This was subsequently revised to 20.2 million tonnes per annum in order to boost domestic production of copper metal to reduce dependence on imports.
The expansion plan will be implemented in a phased manner and in the first phase, a capacity of up to 12.2 million tonnes per annum would be targeted. It would be scaled up to 20.2 million tonnes per annum in the second phase.
"To augment production from mines, the company is taking requisite action and is also in the process of enhancing the mining capacity through ongoing mine expansion projects. Against the contract awarded for taking ore production from underground mine at Malanjkhand Copper Project (MCP) through decline route, the contractor has built up the infrastructure and development work is in progress," Hindustan Copper said in its annual report 2020-21.
"MCP underground expansion project has achieved an important milestone i.e. completion of the excavation of 1500 m long drive and connection of tunnel ends of north and south sections of the mine...," it said.
Under the leadership of Hindustan Copper CMD Arun Kumar Shukla, up to 10 percent stake sale in Hindustan Copper got off to a good start on Thursday with institutional investors putting in bids of over Rs 700 crore.
As against the over 4.35 crore shares on offer, institutional investors put in bids for more than 6.14 crore shares, or 1.41 times the offer size, according to the NSE data.
During 2020-21, the turnover of the company was Rs 1,760.84 crore as against Rs 803.17 crore during FY 2019-20, registering an increase of 119 percent.