Hind Copper to increase production

India’s sole copper miner Hindustan Copper has increased its borrowing limit to Rs 650 crore in order to meet an expanded production target of 12.41 million tonnes in the next five years. 

In a filing with the Bombay Stock Exchange, Hindustan Copper said its board had approved increasing the borrowing limit to Rs 650 crore and had cleared the formation of a joint venture with National Aluminium Company and Mineral Exploration Corporation for exploring and mining strategic minerals abroad.

Hindustan Copper had debts of Rs 469.88 crore on March 31, 2017. Long-term borrowings at Rs 205 crore account for 44 per cent