City-based, public sector Hindustan Copper Ltd (HCL) will seek Ythe Union Cabinet's nod for its Rs 2,200 crore copper concentrate project as it has finalised the location in Chhattisgarh.
"We have approved the hydrometallurgy unit at Chattisgarh, which is near Malanjkhand. The project cost would be Rs 2,000-2,200 crore and we would have to take Cabinet approval for the project," said Chairman and Managing Director K. D. Dewan.
He said that two companies, one each from Israel and Finland, were selected for the technology which would be used for the first time to mine the metal through chemical process, instead of using heat.
The company has planned to invest Rs 6,000 crore of total capital expenditure for the next five years and of which, Rs 400 crore would be invested in the current fiscal. The company would mobilise a combination of debt and equity to raise funds.
It will also setup a nickel project at an outgo of Rs 1,700 crore which was expected to generate a revenue of Rs 1,200 crore.
Speaking on the prices of the commodity, Dewan said the prices of copper are expected to improve but domestic market could come under pressure with increase in imports.
"Imports have inceased to the tune of 30 per cent and with FTA agreements by India we apprehend more imports. But, as an industry along with the downstream players, we submit a petition to the government to impose safeguard duty to stop rampant copper imports," he said.
--IANS
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