HCL looks to raise Rs 6000 crore from waste rocks
Date: 21-09-2010Hindustan Copper plans to sell excavated waste rock used to lay roads and railway tracks, raising as much as Rs 6,000 crore. The company is seeking buyers for about 200 million metric tonnes of rocks accumulated over the past four decades from mines at the Malanjkhand copper complex (M.P.). The waste sells for Rs 200- 300 a tonne.
Hindustan Copper plans to select buyers of the rocks by December and clear it by the end of the next fiscal. Demand for waste rock is rising as
HCL is looking for untapped resources to help expand capacity more than six-fold to 20 million tonne by 2015. The government, which owns 99.6% of Hindustan Copper, plans to sell a 10% stake, while the company will sell an equivalent proportion of new shares. crackcrack