HCL targets 51.5 lakh tons iron ore output in 2019-20

State-run Hindustan Copper Ltd (HCL) on Monday said it has set a target to produce copper ore of 51.5 lakh tonne during the current financial year, which would be 25 per cent higher than last year's achievement of 41.22 lakh tonne.

The Miniratna company is also planning to spend Rs 600 crore on capital expenditure in 2019-20.

"For the financial year 2019-20, target of copper ore production is 51.5 lakh tonne which is 25 per cent higher than the last year's achievement of 41.22 lakh tonne," the company said in a statement here.

The target of iron ore production is "in line with the HCL's production ramp-up plan to 200 lakh tonne".

"The target for revenue from operations has been set at Rs 2,000 crore and capex (capital expenditure) at Rs 600 crore to be spent mainly for mine expansion projects of the company," it said.

The miner on Monday signed a memorandum of understanding (MoU) with the Union Ministry of Mines, outlining the performance targets for the fiscal 2019-20.

--IANS

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