Hindustan Copper to enter critical minerals sector, boost green energy push

Hindustan Copper Ltd (HCL) has said it is well-positioned to make a strategic entry into the critical minerals sector, leveraging its expertise in hard rock mining and mineral beneficiation.

The move will contribute significantly to the nation's technological and economic priorities.

"Leveraging its proven expertise in hard rock mining and mineral beneficiation, HCL is well positioned to make a strategic entry into the critical minerals sector and contribute significantly to the nation's technological and economic priorities," Hindustan Copper has said in a statement.

The PSU is aggressively expanding into the exploration and development of critical minerals to support the country's green energy transition and reduce dependence on imports.

 

HCL has signed multiple agreements with PSUs like Oil India Ltd and Coal India Ltd to explore, mine, and develop critical minerals (copper, nickel, cobalt) and rare earth elements.

The company has reported more than a two-fold jump in consolidated profit to Rs 156.30 crore for the December quarter, driven by higher revenues.

The company had posted a consolidated profit of Rs 62.87 crore in the year-ago period.

The consolidated revenue of the company during the October-December period rose to Rs 687.34 crore over Rs 327.77 crore in the corresponding quarter last year.

The state-owned firm plans to triple its ore production capacity from the current 4 million tonnes per annum (MTPA) to 12.2 MTPA by 2030-31.

Hindustan Copper is engaged in copper ore mining and holds all the operating mining leases for copper ore in the country.