Construction Industry News
Hindustan Copper (HCL) plans to issue a tender in mid-July 2023 to appoint a mine developer--operator (MDO) for the reopening and expansion of the Rakha copper mine in Jharkhand. The project is expected to require a capital investment of around Rs 20 billion, which will be allocated in the coming years.
HCL's board of directors recently approved a qualified institutional placement (QIP) of Rs 5 billion and non-convertible bonds (NCD) of Rs 5 billion, subject to shareholder approval. The company expects a 10 percent increase in production in the current financial year.
In addition, the Jharkhand government authorized the extension of the lease for the Rakha mine, which had been closed since 2000. However, the project still has to undergo several legal processes, including obtaining environmental and forest clearing.
HCL has committed a total investment of approximately Rs 4.5 billion for mine expansion and development during the current fiscal year. In addition, the government recently published a list of 30 critical minerals, including copper. Currently, India holds only about 0.3 percent of the world's copper reserves.
