Hind Copper eyeing mines in Chile, Peru, Mongolia, Nambia

State-owned Hindustan Copper today informed a Parliament panel about its plans to acquire mining assets in countries like Chile, Peru, Mongolia and Namibia.

"The members were informed about overseas acquisition (plans) of mines in Chile, Peru, Mongolia and Namibia," the Mines Ministry said after the meeting of the Consultative Committee of Parliament on Hindustan Copper.

The firm had last month said that it is looking at mining opportunities in Afghanistan, which has an estimated $1 trillion mineral wealth.

Hindustan Copper has an annual production capacity of 3.2 million tonnes of copper and is working to increase it three-fold through an estimated investment of Rs 4,280 crore.

"Members were informed that Hindustan Copper has prepared an expansion plan to increase its mine capacity to 12 million tonnes per annum at an estimated cost of Rs 4,280 crore," the ministry added.

Chairing the meet, Mines Minister B K Handique said the consumption of copper in the country is growing at the rate of 7-8 per cent and "thus there is an urgent need to augment mine production by exploiting the indigenous resources and Hindustan Copper has a crucial role to play in this regard".

The Members of Parliament present at the meeting included Amarnath Pradhan, Deoraj Singh Patel and Ramen Deka. Mines Secretary Santha Sheela Nair and senior officials of the ministry and of the company were also present at the meeting.