| Chaprisideshwar block would be developed through a JV
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| Hindustan Copper (HCL) would invest about Rs 900 crore to develop two greenfield copper mining blocks in Jharkhand and Rajasthan.
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| “The Chaprisideshwar block in Jharkhand would require an investment of about Rs 600 crore and Banvas in Rajasthan would need around Rs 200-300 crore,” HCL chairman and managing director S C Gupta said today.
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| “Chaprisideshwar would be developed through a joint venture as it has reserves of 80 million tonnes, while for Banvas, it would be a mining contract,” he said on the sidelines of a tri-lateral mining seminar in Kolkata.
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| The JV would be finalised once the lease was awarded. Details of the holding pattern were yet to be worked out, Gupta said.
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| HCL has planned to float a SPV for all greenfield mining activities, along a joint venture partner.
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| The company has tied up with the Monarak Gold Group of Perth (Australia) to reopen the Surda mines and Mosabani plant in Jharkhand.
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| “The mining contract for Surda is based on a fixed price,” Gupta said.
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| HCL is also looking for partnerships to revive and reopen its four mines in Jharkhand, which together hold total reserves of 50 million tonnes of copper. The company has four operating mines, with a total production of 40,000 tonnes.
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“We expect to produce 42,000 tonnes this year and are targeting a turnover of Rs 2,000 crore. However, the rupee appreciation and a subdued London Metal Exchange might make things difficult,” Gupta said.
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| DIGGING DEEP
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Chaprisideshwar in Jharkhand would require about Rs 600 crore and Banvas in Rajasthan would require around Rs 200-300 crore
The process to finalise the JV would be done once the lease was awarded.
HCL plans to float a SPV for all greenfield mining activities |
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