New Delhi: State-run Hindustan Copper Limited (HCL) will invest around Rs 2,000 crore over the next five to six years to expand its mining operations, primarily at its flagship Malanjkhand Copper Project (MCP) in Madhya Pradesh, a top company official said.
The investment is part of HCL's broader plan to triple its ore production capacity from the current 4 million tonnes per annum (MTPA) to 12.2 MTPA by FY 2030-31.
However, this capital expenditure excludes the development of the Rakha and Chapri mines in Jharkhand, which are being revived through a Public-Private Partnership (PPP) model.
A JSW Group company has secured the Mine Developer and Operator (MDO) contract for the two mining blocks in Jharkhand and is expected to invest around Rs 2,600 crore, including the setting up of a concentrator plant.
“The Rs 2,000 crore capex will be funded by HCL, with the majority directed towards the Malanjkhand Copper Project (MCP), which will see an investment of around Rs 1,400–1,500 crore. The remaining will be allocated to projects at Khetri and the Indian Copper Complex,” HCL Chairman and Managing Director Sanjiv Kumar Singh told PTI.
According to the company’s updated corporate presentation, the Malanjkhand site expansion involves the development of underground mining infrastructure, installation of a paste-fill plant, and setting up of a new concentrator facility. At Khetri in Rajasthan, the focus will be on enhancing mining and concentrator capacities, while at Jharkhand’s ICC unit, operations at the Rakha mine are expected to resume by the fourth quarter of the current fiscal.
The capex initiative also aligns with HCL’s broader strategy of increasing domestic copper availability amid India’s rising consumption driven by infrastructure, renewable energy, EVs, and defence manufacturing. In FY'25, the company recorded its highest-ever revenue of Rs 2,071 crore and profit before tax of Rs 634 crore.
Over the past two years, HCL has added over 123 million tonnes of copper ore resources through exploration and plans to continue augmenting its reserves. The miner is also exploring opportunities to acquire new deposits through upcoming mineral auctions and is collaborating with Chile’s CODELCO for technology and knowledge-sharing in mining and beneficiation.
HCL, the country’s only vertically integrated copper producer, currently holds access to about 45 per cent of India’s copper ore resources, the company said.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)