Hindustan Copper up 4% on expectations to reopen copper mine in Jharkhand

The PSU is expected to commence mining at its closed Rakha mine in Jharkhand, which will entail an investment of over Rs 2,000 crore, after obtaining final clearance from the state government, according to a top company official.

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Shares of Hindustan Copper Limited (HCL) gained 4 percent on July 6, after the company’s expected final approval to reopen its Rakha mine from the Jharkhand government.

At 1.43 pm, the stock was trading at Rs 120.95 on the National Stock Exchange, up 4.04 percent from its previous close.

The PSU is hopeful of commencing mining at its closed Rakha mine in Jharkhand, which will entail an investment of over Rs 2,000 crore, after obtaining a final clearance from the state government, according to a company official.

The mine has been closed since 2001, and the state government has recently given in-principle consent to renew the lease. Hind Copper is expected to issue a tender in the next 10 days to appoint a mine developer-cum-operator for the mine.

Meanwhile, the Malanjkhand copper mine in Madhya Pradesh is the current major block through which HCL aims to achieve a 10 percent rise in ore output in the current fiscal year. Additionally, the execution of the Surda mines lease deed is also in process.

HCL Chairman and Managing Director, AK Shukla said, “The Rakha-Chapri mine development and other allied investments in mine infrastructure will exceed Rs 2,000 crore over the next few years and will significantly contribute to copper production for the country.”

HCL is the only vertically integrated government-owned copper producer in India, which is engaged in a wide spectrum of activities ranging from mining, beneficiation, smelting, refining and continuous cast rod manufacturing. The company is almost debt free making it suitably placed for large capital expenditure and vertical growth opportunities.

HCL currently has a return on equity (ROE) of 15 percent and the contribution from the Jharkhand mine is expected to enhance the return ratios.

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