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Hindustan Copper to seek centre nod for INR 2200 crore project-2017 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
9/28/2016 non-ferrous metals expo |
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Press Trust of India Hindustan Copper Limited on Monday said it has finalized the location for its INR 2,200 crore copper concentrate project in Chattisgarh and will seek the Centre''s approval for the same.
Mr K D Dewan CMD of Hindustan Copper Limited said that "We have approved the hydrometallurgy plant in Chattisgarh, which is near Malanjkhand. The project cost will be INR 2,000 crore to INR 2,200 crore and we will have to take the Cabinet''s approval for the project.¡±
Two companies, from Israel and Finland, have been shortlisted for the new greener technology, which would be used for the first time to extract metal through a chemical process, instead of heat.
Hindustan Copper has lined up a total capex of INR 6,000 crore for the next five years and it would be mobilised in combination of debt and equity. This year, its investment was at INR 400 crore.
Hindustan Copper would also set up a Nickle project with an estimated cost of INR 1,700 crore, which was expected to generate INR 1,200 crore in revenue.
Mr Dewan said the company has ability to commence commercial production at the sick Gujarat copper plant at 50% capacity, which by next fiscal year could be scaled up to full installed capacity, helping the copper producer to generate additional revenue of INR 1,500 crore at current copper prices.
Mr Dewan expected improvement in prices of copper, but domestic market could come under pressure with increase in imports. He said that "Imports have increased by 30% and with FTA agreements by India, we apprehend more imports. But, as an industry along with the downstream players, we have jointly sent a petition to the Centre to impose safeguard duty to stop rampant copper imports.¡±
-2017 China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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