State-owned Hindustan Copper Ltd (HCL) is planning to develop a new mine with about 50 million tonnes of ore reserves in Jharkhand as part of its strategy to ramp up capacity to 12.5 mn tonnes, from 3.5 mn tonnes, by 2017.
The development comes ahead of the copper major's about Rs 4,000 crore share sale programme next year, mainly to fund its expansion.
"HCL proposes to engage reputed contractors for developing new underground mine....at Chapri, Sideshwar, Indian Copper Complex, Jharkhand," the company said while inviting bids, which will close on December 15.
Chapri-Sideshwar block in Singhbhum district of Jharkhand consists of Chapri and Sideshwar blocks and have ore reserves of 49.28 million tonnes.
The company is also set to reopen another closed copper mine (Rakha mine) in Jharkhand, with estimated coal reserves of about 34 million tonnes.
Post-opening, HCL plans to mine 1.
