India’s sole integrated copper producer, state-run, Hindustan Copper Ltd. (HCL) will increase its production six fold to 20 million metric tons per year (mt/y) investing an estimated $808 million over the next six years to expand its copper mines.
According to a company official, HCL, which currently meets about 4% of domestic demand of copper, will increase domestic supplies to meet about 30% of domestic demand of the non-ferrous metal on completion of its expansion projects.
The entire funding for the expansion would be raised through fresh issue of equity shares to Qualified Institutional Placements (QIPs), and following the placement of the instrument, the Indian government’s equity holding in HCL will be reduced to 66.13% from 76.05% at present.
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