Hind Copper may restart subsidiary smelter

Hindustan Copper (HCL) was likely to resume copper production at its subsidiary, Indian Copper Complex (ICC), in East Singhbhum district from April 2004.

ICC had closed all six copper mines around Ghatsila since 2000 owing to recurring losses and working capital problems. The copper smelting unit has been shut since July 2003 for overhauling.

HCL has three operative copper mines in the country - at Khetri and Kolhan in Rajasthan and at Malanjkhand in Madhya Pradesh.

These jointly produced 3.40 million tonne of copper ore annually. The total metal-in-concentrate (MIC) from the ore was about 32,000 tonne.

ICC, an HCL subsidiary, would use 19,000 tonne of MIC to produce finished copper items. At the prevailing price of copper on London Metal Exchange (LME), the production would be worth Rs 230 crore annually.

ICC's Surda copper mines in the Ghatsila sub-division may be reopened by a co-operative society formed by former employees who separated through a voluntary retirement scheme (VRS).

Paper work in this regard has almost been completed by the central ministry of mines. The HCL management would request the ministry to issue a 'no objection certificate' (NOC) to the co-operative.