55th Annual General Meeting of Hindustan Copper Ltd held

Arun Kumar Shukla, Chairman and Managing Director, HCL, addressed the Shareholders at the 55th Annual General Meeting of the Company held on 28.09.2022 through Video Conferencing. The Shareholders approved annual accounts and payment of dividend for FY 2021-22 equivalent to 23.20% of capital and total payout on this account is Rs. 112.17 crore. Many of the Shareholders have appreciated the performance and the financial management of the Company. The meeting was also attended by Prakash Mundharikar from the Ministry of Mines, Govt of India as nominee of the President of India, Sanjay Panjiyar, Director (Operations), Ghanshyam Sharma, Director (Finance), Sanjiv Kumar Singh, Director (Mining) and A G K Prasad, Avinash J. Bhide, Smt Hemlata Verma, Independent Directors and C S Singhi, ED (Co Secretary), among others. While replying to the Shareholders’ queries, Shukla apprised them about ongoing mine expansion plans of the Company. The production from HCL’s flagship project, Malanjkhand Underground Mine, has already commenced. He further stated that the Company is moving forward to achieve its production targets. CMD, HCL, also informed that the Company has repaid loan of Rs 729 crore in FY 2021-22 from its internal accruals. Further, Shukla threw light on the increase in Copper LME price in coming days on the back of soaring demand of Copper in the international market. The shareholders also approved other resolutions as per AGM Notice. Voting results will be filed with Stock Exchanges and uploaded on the website of the Company on September 9, 2022.