Hindustan Copper for more long-term borrowing to spur growth

Hindustan Copper Ltd is looking to significantly increase its long-term borrowing to fuel growth, a company source said today.
The copper major is likely to seek approval from its board of directors to hike the limit in long-term borrowing in order to fast-track projects, the source said.
Hindustan Copper's current long-term borrowing is at Rs 175 crore.
The state-owned company will also strive to ramp up capacity of both copper ore mining and metal production.
"We are looking at increasing our copper ore mining capacity to 12.41 million tonne from 3.4 million tonne, and metal production from 35,000 tonne to 1.2 lakh tonne, by 2022," Chairman and Managing Director Santosh Sharma said here today on the sidelines of a company event.

Sharma said Rs 3,000-crore capex has already been lined up across several projects in mining and metal verticals in Rajasthan, Madhya Pradesh and Jharkhand.

Asked to comment on the earnings in the quarter ended September, he said the company was amidst a silent period, but rising metal prices could augur well for it.
Hindustan Copper will detail its July-September earnings on November 10.
Copper prices have jumped 30 per cent in the last six months.
Meanwhile, tenders were being prepared to appoint mining development operator (MDO) for reopening the Rakha mine, and developing the new Chapri-Sideshwar mine at the Singhbhum copper belt, Sharma added.