JCL to scale up copper cathode production

Mumbai, July 29 (UNI) Bharuch-based Jhagadia Copper Limited (JCL) has set up a 50,000 tonnes per annum plant to manufacture copper cathodes conforming to London Metal Exchange (LME) Grade ''A'' specifications.

The plant can also manufacture an additional 20,000 tonnes per annum of copper anodes. The plant is now working at 40 per cent capacity utilization which will be scaled up to 70 per cent by September.

Company chairman P Vora told reporters here today that copper cathodes are manufactured using Kaldo technology in technical collaboration with Outokumpu Technology AB, Sweden.

The company has also signed an accord with Mount Isa Mines, Australia, for technical know-how in electrolytic refining of copper to ensure production of LME Grade ''A'' copper cathodes.

Mr Vora informed that the equity share capital of the company is Rs 124.17 crore in which public financial institutions and banks have a considerable stake. The public financial institutions and banks have been issued optionally convertible cumulative redeemable pereference shares to the tune of Rs 591 crore. The JCL equity shares are listed on the Bombay Stock Exchange.

Mr Vora informed that the total borrowings of the company was Rs 652 crore. The ICICI Bank, IDBI Bank and Dena Bank have sanctioned fund based and non fund based working capital facility of Rs 248.70 crore, he said.

The Company posted a net loss of Rs 4.90 crore during the period May 15 to June 30 this year. Total net sales recorded during the same period was Rs 83.55 crore, he added.

UNI AR MAZ SKB1631