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| 29 | 9433 | 516.1 |
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Hindustan Copper Limited (HCL), established in 1967, is a Central Public Sector Undertaking under the administrative control of the Ministry of Mines, Government of India, with its registered office in Kolkata. The company’s principal activities include exploration, exploitation and mining of copper ore (including mineral beneficiation), as well as smelting and refining into copper cathode and conversion into copper wire rod.
HCL operates copper mines and concentrator plants at Malanjkhand Copper Project, Madhya Pradesh; Khetri Copper Complex, Rajasthan; and Indian Copper Complex, Ghatsila, Jharkhand. Smelter and refinery facilities are located at ICC and Gujarat Copper Project, Gujarat; wire rod is produced at Taloja Copper Project, Maharashtra. The company is listed on BSE and the National Stock Exchange of India Ltd.
HCL is the only company mining copper ore in India. It holds around two-fifth of India’s copper ore reserves and resources with an average grade of 0.95%. The company is advancing a mine expansion programme to lift mining capacity from about 4 million tonnes per annum to 12 million tonnes per annum by 2030–31. HCL’s 57th Annual Report covers the year ended March 31, 2025. Subsidiaries: The company has 1 subsidiary.
The company operates under the segment of mining and processing of copper ore into Metal-in-Concentrate (MIC).
Capacity expansion and modernisation: HCL is investing in digitalisation and automation to improve mine productivity and safety. The Malanjkhand Copper Project’s transition from open-cast to underground mining has been completed, with capacity expansion targeted from 2.5 MTPA to 5.0 MTPA. The broader plan is to increase total mining capacity to 12 MTPA by 2030–31.
Strategic contract for mine re-opening and expansion: On January 9, 2025, HCL signed a Mining Services Agreement with South West Mining Limited for re‑opening and expansion of the Rakha Copper Mine, development of a new underground mine at Chapri and commissioning of a new concentrator plant, for 20 years extendable by 10 years.
Regulatory progress at Rakha: The Government of Jharkhand extended the Rakha mining lease for 20 years (effective August 20, 2021 to August 28, 2041) via order dated October 8, 2024. Stage‑I forest clearance for the balance area was recommended to MoEF&CC on April 8, 2025; an amendment to the environment clearance covering the updated lease area was submitted on August 30, 2024. Post approvals, mining is planned to scale from 0.30 MTPA to 3.00 MTPA through the Mine Developer and Operator model.
Exploration: Geological drilling and associated work completed in FY 2024–25 was the highest in the last 10 years of HCL’s exploration activities.
Credit ratings: ICRA reaffirmed [ICRA]AA+ (Stable) for long‑term facilities and [ICRA]A1+ for short‑term facilities and commercial paper.

HCL explores, mines, smelts, refines and manufactures copper products, including cathode and wire rod. Its key sites are at Malanjkhand (Madhya Pradesh), Khetri (Rajasthan), Ghatsila (Jharkhand), Taloja (Maharashtra) and Jhagadia (Gujarat).
HCL has 1 subsidiary; it is yet to commence operations.
The company plans to raise mining capacity to 12 MTPA by 2030–31, including doubling capacity at Malanjkhand to 5.0 MTPA. It has also signed an MDO agreement to re‑open and expand the Rakha Copper Mine and develop a new underground mine at Chapri.