Industry Updates 30.06.2012


30 June 2012

Hindustan copper Ltd mulls Rs. 2000 crore smelting refinery in Vizag
Hindustan Copper Ltd (HCL) is mulling a six lakh tonne per annum smelting refinery in Visakhapatnam by investing about Rs 2,000 crore, even as it is looking for a buyer for its closed plant in Rajasthan. "We are in copper business. As a way of diversification, if I find it attractive, taking into account global scenario, treatment refining charges and doing money, then we will set up a six lakh tonne per annum smelting refinery with Rs 2,000 crore investment," HCL CMD Shakeel Ahmed said today.

The company produces about 3.5 million tonnes of copper ore out of the country's total requirement of 100 million tonnes, he said, adding this would prompt HCL to set up the facility near the ports as it has to be fed with imported copper concentrate. However, he added the company does not have any immediate intention to go for the proposed smelting refinery and it may take two-three years from here only to engage a consultancy firm for preparing the feasibility report.

"But, we are open to this project," Ahmed said. Asked whether HCL would look at roping in a partner for setting up the proposed refinery, he said, "Yes, why not? However, we have not initiated talks. It is very early to say that we will have a joint venture". Ahmed said the biggest worry for the company for making the project a reality is the fact that smelting-refining facilities are not a value creator now-a-days.

"This is the reason why we have shut down Khetri project in Rajasthan and there is no plan to reopen it in the next 2-3 years. We are even open to selling the facility, but we need to have a buyer for that," he said.
(Economic Times)
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