New Delhi: Hindustan Copper Ltd , a Miniratna CPSE under the Ministry of Mines, plans to bid for critical minerals and rare earth element blocks along with other PSU's like Indian Oil Corporation Ltd (IOCL), GAIL (India) and RITES as part of its diversification strategy, a top official said.
The copper company will soon enter into non-binding agreement with IOCL and GAIL (India) Ltd for this purpose.
"Hindustan Copper (HCL) will participate in the auctions which will be coming up not only for copper blocks but also for blocks pertaining to critical minerals and rare earth minerals.
"For example, if there is a critical mineral block or REE put up for auction by the Ministry of Mines & State Government, we will evaluate them and then HCL plans to tie up with PSUs on case to case basis to bid for those blocks, "Sanjiv Kumar Singh, Chairman and Managing Director, HCL told PTI in an interview.
The company also plans to enter into pact with Coal India Ltd (CIL) for taking part in activities pertaining to copper and other critical minerals exploration to be carried out in Chile, he explained.
He further said that an HCL team is already in place to carry out due diligence and finalise the blocks in which "we will be going to participate." Earlier this month, engineering firm RITES Ltd signed an agreement with Hindustan Copper Ltd to jointly develop supply chains for metals and minerals, including critical minerals, in both domestic and international markets. The partnership will focus on exploration, extraction, refining, and production activities in India and abroad.
The collaboration includes participation in mineral block auctions and the development of mining infrastructure.
Hindustan Copper, is engaged in copper ore mining and holds all the operating mining leases for copper ore in the country.
The profit before tax of HCL has surged by 54 per cent to Rs 633.51 crore in FY 2024-25 from Rs 410.43 crore in FY 2023-24.
State-owned Hindustan Copper Ltd has recorded its highest-ever revenue from operation at Rs 2,070.97 crore in FY 2024-25, reflecting a robust year-on-year increase of 21 per cent from Rs 1,717.00 crore in FY 2023-24.
The company's Profit After Tax rose by 42 per cent to Rs 468.53 crore in FY25, up from Rs 295.41 crore in FY24.
The company is currently focussed on the exploration, mining, and beneficiation of copper ore to produce and sell copper concentrate, which gives it better profitability in this dynamic market.
HCL operates copper mines at Malanjkhand (Madhya Pradesh), Khetri (Rajasthan) and Ghatsila (Jharkhand).
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