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HCL gets nod to carry own exploration, expects FY19 capex of Rs 700 cr

HCL gets nod to carry own exploration, expects FY19 capex of Rs 700 cr
Kolkata: State owned Hindustan Copper Ltd has received government nod to become an independent copper exploration agency that would give a push to its mining expansion ambitions, a top company official said.
In order to boost its expansion projects, the company has decided to pump Rs 700 crore in the current fiscal, up from the Rs 589 crore capex in the previous fiscal.
Meanwhile, the company on Tuesday said it was aiming Rs 2,000 crore revenue in the current fiscal while, efforts to create wealth from waste will add to Rs 50 crore directly to its bottomline.
"We are targeting Rs 2,000 crore revenue in 2018-19.
In the last year, the company earned a revenue of Rs 1,719 crore," HCL chairman and managing director Santosh Sharma said.
"We just got clearance as an independent exploration agency exploration agency for copper under section 4A of MMDR Act. We are going to take exploration in a big way," Hind Copper chairman and managing director Santosh Sharma said here today.
Sharma said the company has been pursuing brownfield and greenfield mine development and expansion to jack up production. Hind Copper will pump Rs 408 crore over at least two years to drill 2.48 lakh meters to explore deposits in the company's own blocks, he said.
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