HCL makes record profit of Rs 331 cr in 2006-07

New Delhi, July 5 (UNI) In a major turn around, the public sector Hindustan Copper Ltd (HCL) has made a record profit of Rs 331.78 crore during 2006-07, Mines Minister Sis Ram Ola said today.

Addressing the consultative committee members here, Mr Ola said prior to his taking charge of Mines Ministry in 2004-05, HCL had been incurring losses continuously for the previous eight years.

The Minister pointed to the commencement of a turn around in year 2004-05 when the company posted a profit of Rs 52 crore and in 2005-06 the profit increased to Rs 100.22 crore before reaching all time high levels in 2006-07.

He also emphasised that the urgent need of further strengthening the company and said necessary steps are being taken in that direction.

HCL has utilised its capacity appropriately and ore production and copper production of the company has shown significant growth.

During 2006-07 HCL's ore production was 32.70 lakh tonnes, against 26.37 lakh tones in 2005-06. Production of metal in concentrates increased to 30,231 tonnes from 22,984 tonnes during this period.

India has vast reserves of copper. HCL is the only copper producing company in India which has mining operations.

Annual copper demand in the country stand at about 4.40 lakh tonne while domestic production was 30,231 tonne during 2006-07.

The annual demand growth of about seven per cent calls for urgently augmenting copper production from domestic resources, in which HCL has a crucial role to play.

Members made several important suggestions, including immediate recruitment of staff in HCL which has been held up for 12 years. This includs the candidates from weaker sections like SCs, STs, enhancing retirement age of the employees to 60 years from 58 years at present in line with other PSUs etc.

Members also suggested that efforts should be made to stop exodus of experienced and qualified personnel from mining PSUs.

UNI