Hind Copper to expand mines

The central government's mines ministry has sanctioned over Rs 80 crore to the ailing public sector union Hindustan Copper Limited (HCL) to develop its mines and infrastructure and for a voluntary retirement scheme (VRS) for surplus employees.

Sources in Indian Copper Complex (ICC), a subsidiary of HCL at Ghatshila, Rs 51 crore would be used to develop mines and procure equipment for mines at Khetri in Rajasthan, Ghatsila in Jharkhand and Malajkhand in Madhya Pradesh.

A sum of Rs 25 crore will be spent on Kolhan, Khetri and Surda mines and Rs 26 crore on the Malajkhand copper mine, presently the mine for HCL.

ICC's Surda mines had been closed down some years ago as the cost of mining there was high. It will be reopened in view of rich deposits still present at Surda.

HCL got funds from the ministry as demand for copper in international market was on the rise. With copper prices soaring on London Metal Exchange (LME), HCL could cash in by producing and selling more copper.

HCL would use Rs30 crore to offer VRS to surplus employees at four units. In ICC, about 187 employees, including some executives, opted for VRS.

HCL would resume production at its smelter at Ghatsila from June 10. The smelter was closed in July 2003 for overhauling. The overhauling was delayed owing to want of funds.