HCL targets 51.5 lakh tons copper ore output this fiscal

Kolkata, May 27 (IANS) State-run Hindustan Copper Ltd (HCL) on Monday said it has set a target to produce 51.5 lakh tonnes of copper ore during the current fiscal, which would be 25 per cent higher than last financial year's achievement of 41.22 lakh tonnes.

The Miniratna company is also planning to spend Rs 600 crore on capital expenditure in 2019-20.

"For the financial year 2019-20, target of copper ore production is 51.5 lakh tonne which is 25 per cent higher than the last year's achievement of 41.22 lakh tonne," the company said in a statement here.

The target of copper ore production is "in line with the HCL's production ramp-up plan to 200 lakh tonne".

"The target for revenue from operations has been set at Rs 2,000 crore and capex (capital expenditure) at Rs 600 crore to be spent mainly for mine expansion projects of the company," it said.

The miner on Monday signed a memorandum of understanding (MoU) with the Union Ministry of Mines, outlining the performance targets for fiscal 2019-20.

During 2018-19, the metal-in-concentrate (MIC) production of the only vertically integrated copper miner in India was at about 32,439 tonnes, which was the best in last 16 years.

The ore production of HCL's flagship unit, Malanjkhand Copper Project, was at an all-time high of about 25.42 lakh tonnes during the last fiscal.

Total copper sales volume during the last fiscal was at around 38,321 tonnes, which was the highest in last nine years.

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