Thaindian News

Kolkata, May 29 (IANS) Public sector miner Hindustan Copper Ltd is hopeful of forming a joint venture with Rajasthan State Mining and Minerals Ltd shortly for exploitation of copper deposits in the state.

“We are working with the Rajasthan State Mining and Minerals Ltd on joining hands for explorations and exploitation of four copper deposits in the state,” Hindustan Copper chairman and managing director Shakeel Ahmed said here Tuesday.

“The draft MoU (memorandum of understanding) has been sent to them. They have indicated agreement with the broad terms and conditions,but formally they have not been able to convey their approval… we hope to get it shortly after two boards approve the joint venture and its terms and conditions,” Ahmed said.

He said the venture would be 51:49 between Rajasthan State Mining and Minerals and Hindustan Copper and the share of investment would depend on the condition of the deposits.

Ahmed said the ‘Miniratna’ company, India’s only copper miner, is currently engaged in eight projects, including three at Khetrinagar in Rajasthan and four at Ghatsila in Jharkhand.

On Malanjkhand project in Madhya Pradesh, he said the expansion plan was awaiting environmental clearances and the company was hopeful of getting it in June this year.

“We are not able to proceed because of environmental clearances. All formalities required are completed by us. We are only one presentation away from getting the clearance,” he said.

“We are hopeful that when the next meeting of ministry of environment and forest expert bodies takes place any time in June, we should be able to get the clearances,” Ahmed said.

The company posted a whopping 125 percent increase in its net profit to Rs.137 crore for the fourth quarter of 2011-12 from Rs.61 crore during the same period previous fiscal.

The company’s profit before tax swelled by 149 percent at Rs.206 crore during the period under review compared with Rs.83 crore the same period a year ago.