State-owned Hindustan Copper (HCL) has chalked out a strategy, which includes reopening of closed mines, to augment production capacity to up to 20 million tonne per annum (MTPA) by 2024. The company’s current capacity of copper ore is 3.8MTPA.
”My target is to go to 20 MT by 2024. This ramp-up will be done by particular strategy which includes expansion of existing mines like Malanjkhand.Number two strategy will be to reopen the closed mines and construction of new mines,” HCL CMD Santosh Sharma said.
“All these three activities will enable (the company) to reach 20 MT,” he said. The company, which plans to pump in Rs 5,500 crore over the next six years to scale up its output by six times, is looking to reopen its Rakha copper mine soon. It is planning to raise the capacity of the company to 4.1MTPA by the end of the current financial year. “This year, I am planning to bring it to 4.1MT. Next year, it is 5.1 MT. In 2020-21 it is 6.1MT,” he said. HCL, which is currently catering to around 5% of the domestic copper demand, expects to take it to 30%.