Hindustan Copper Limited declares its financial results

The Hindustan Copper Limited (HCL), Chairman-cum-Managing Director, Santosh Sharma has highlighted the performance of the company for the financial year 2017-18.  The CMD, Santosh Sharma informed that the turnover of Rs 1719 crore has increased by 35% compared with last year. Besides, profit before tax of Rs 122.69 increased by 29% compared with last year and EBDITA at Rs 308 crore  v/s last year Rs 246 crore. Total Copper sales volume was best in last seven years. Copper cathode production was 39% higher than the last year. Metal-in-Concentrate production was 4% higher than the last year.  Reopened Kendadh mines at Jharkhand in Dec 2017. Commissioned Banwas mine (new mines) at Khetri Copper Complex, Rajasthan in June 2017. Capex expenditure of Rs 589 crore has increased by 47% over  last year.  This year target will be more than Rs 700 crore. Creation of new two additional revenue streams by creating New Business Verticals which are not dependent on LME price fluctuations. Extraction of minerals like precious metals, magnetite and glass grade silica from tailings generated during copper ore beneficiation process. A commercial plant of annual capacity 3.3 million tonne will be commissioned at Malanjkhand (M.P) by July 2018. HCL has stock of more than 100 million of tailings. Waste rock excavated as ore overburden at Malanjkhand (MP) to be manufactured as Railway quality ballast material and road construction. HCL has stock of around 50 million tones of such type of rocks. Test work undertaken with Indian Railways, he added.