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Hind Copper awards Rs 260-cr contract for Jharkhand mine

The Hindu Business Line:  February, 2013

Kolkata: The Hindustan Copper Board approved on Tuesday awarding of the Rs 259.91-crore EPC contract for re-opening and expansion of Rakha mine in Jharkhand to a consortium led by Kopex Shaft Sinking Co of Poland.

The other member of the consortium is India Resource Ltd of Australia. The consortium will produce copper bearing ore of 1.5 million tonnes a year. Since 2007, India Resource Ltd is the operator of the HCL’s Surda mine, also in Jharkhand. Its operation contract for the Surda mine would expire in 2014. It feeds HCL’s Moubhandar smelter, nearby in the East Singbhum district.

Q3 performance

Meanwhile, HCL produced higher ore during the October-December quarter (Q3) of the current fiscal at 8.92 lakh tonnes, up 7.5 per cent from July-September quarter (Q2). It was also 2.5 per cent higher than the corresponding quarter in the previous financial year. However, the Q3 turnover dropped by eight per cent to Rs 310.73 crore, while the net profit slid to Rs 75.84 crore (Rs 79.14 crore).

The company said that because of write back (of previous provisions) worth Rs 47.58 crore during the third quarter, the profit figure increased.