NEW DELHI, July 12: State-owned Hindustan Copper Ltd on Friday said it is likely to exceed its capex target of Rs 350 crore for the ongoing fiscal year.
“Although this year’s capex target is Rs 350 crore, it is expected that the company may exceed the target like last year,” the company said in a filing to the BSE.
The company is continuously investing in its ongoing mine expansion plan.
The PSU has floated tender for the appointment of developer for Rakha mine, it said, adding that once finalised, this will make way for fresh investment.
The domestic copper demand in the country will grow in line with the growth of sectors such as renewable, transportation and construction sectors.
“Analysts suggest that there will be double-digit growth in these sectors in the short term. Accordingly, copper sector growth is expected to be in double digit,” it said.
The current per capita refined copper consumption in India is around 0.5 kg, far less than the global average of about 3.2 kg per capita, leaving a huge gap.
As India is in an aggressive growth path and expecting double-digit growth, the copper demand in India will definitely outpace the global demand, the PSU said.
Hindustan Copper Ltd (HCL) is under the administrative control of the Ministry of Mines. The company has facilities for production and marketing of copper concentrate, copper cathodes, continuous cast copper rod, and byproducts. (PTI)
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