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Hind Copper may Sell 20% in 2 Mines to Nalco

21 Feb 2011 Evaluate

Hindustan Copper (HCL) is negotiating with aluminium major Nalco to sell about 20% equity stake in two of its copper mines. The stake sale is aimed at part financing HCL’s expansion plans, which are estimated to cost 4,000 crore.

HCL is in the process of getting the valuation done for the Malanjkhand copper mines in Madhya Pradesh and the Banwas mines in Rajasthan. HCL is India’s only copper producer with its own mines. The company is riding the boom in global copper prices with a pickup in US manufacturing and strong Asian demand. HCL has a contract to develop the Banwas deposit which has reserves of 25 million tones and is part of the Khetri copper mine, while Malanjkhand has the single-largest copper deposit with 70% of all reserves.

Rates on the benchmark London Metal Exchange have surged to over $9,900 per tone, almost 25% rise over the past three months. Copper for delivery in three months rose $55 or 0.6% to $9,860 on the LME. On February 15, the red metal reached a record $10,190.

Hindustan Copper Share Price

558.70 -10.90 (-1.91%)
20-Apr-2026 14:22 View Price Chart
Peers
Company Name CMP
Hindalco 1017.30
Vedanta 772.75
Hindustan Zinc 587.85
Jain Resource Recycl 419.15
Gravita India 1654.15
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