Hindustan Copper, CMDC form JV for mining ops in Chhattisgarh

State-run Hindustan Copper (HCL) has entered a joint venture with Chhattisgarh Mineral Development Corporation (CMDC) for exploration and mining of copper and associated minerals in Chhattisgarh.

Chhattisgarh Copper has become a subsidiary of Hindustan Copper and the shareholding pattern between HCL and CMDC is in the ratio of 74 per cent and 26 per cent, Hindustan Copper said in a regulatory filing.

"Chhattisgarh Copper has been incorporated as joint venture company between Hindustan Copper and Chhattisgarh Mineral Development Corporation (CMDC) for exploration, mining and beneficiation of copper and its associated minerals in Chhattisgarh," the company said.

It further said that the number of directors nominated by Hindustan Copper and CMDC is in the ratio of 3:2.

With this, Hindustan Copper said it has extended footprint of its operation in the country's sixth state and operations in Chhattisgarh will commence soon.

HCL's mines and plants are spread across five operating units, one each in the Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra and Gujarat.

Shares of the company were trading 4.88 per cent higher at Rs 71.95 apiece on BSE.