Hind Copper jacks up capex - Calcutta Telegraph

Calcutta, Sept. 22: Hindustan Copper has increased its capital expenditure after it received environmental clearance for a mining project in Madhya Pradesh. The state-run miner plans to spend Rs 688.37 crore in 2013-14 for mine development and greenfield expansion against Rs 260.28 crore in 2012-13. Chairman and managing director K.D. Diwan said the bulk of the investment would be utilised to develop the Malanjkhand project in Madhya Pradesh. "We have received the environmental clearance for the Malanjkhand underground project on June 17. Work will commence after receiving clearance from the standing committee of the National Wildlife Board, process for which is underway. The state government has recommended the proposal and it is being forwarded to the Centre," Diwan said. The miner has planned an investment of Rs 3,435 crore over the next five years to increase production to 12.4 million tonnes per annum from 3.4 million tonnes. At present, the company has eight operational projects. The company has also applied for prospecting licence, mining licence and reconnaissance permit in Rajasthan, Jharkhand, Madhya Pradesh and Haryana. "The MP government has granted reconnaissance permit of 580.73 sq km in Balaghat district and a lease deed of the same has been executed," Diwan said, adding that the directorate of mines and geology has recommended a total area of 1,860.69-sq-km for awarding the permit to the company in Ajmer, Bhilwada, Pali, Nagpur and Jaipur. The PSU has also floated a tender to extract gold, silver and magnetite from rocks, tailings and other wastes generated during mining. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNE0NA_XYm8BnaaHRrk1YeqOok8sOw&url=http://www.telegraphindia.com/1130923/jsp/business/story_17380160.jsp

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