HCL to invest Rs 9bn to develop copper mines in Jharkhand, Rajasthan

Mumbai, Nov 23: Vertically-integrated multi-unit copper producer Hindustan Copper Limited (HCL) would invest about Rs 9 billion to develop two greenfield copper mining blocks in Jharkhand and Rajasthan.

HCL chairman and managing director S C Gupta said the Chaprisideshwar block in Jharkhand would require about Rs 6 billion while Banvas in Rajasthan will require Rs 2-3 billion for the development.

The company has also decided to open four closed mines in Jharkhand, which together hold total reserves of 50 mn tons of copper. These include the Rakha mine, Pathagora, Kend and Musabani.

The company has tied up with the Monarak Gold Group of Perth (Australia) to reopen the Surda mines and Mosabani plant in Jharkhand and plans two JV with overseas partners. HCL's joint ventures will be finalized once the lease are awarded.

UNI