Hindustan Copper Ltd (HCL) NSE -2.70 % recently said it has signed a Memorandum of Understanding (MoU) with the Ministry of Mines (MoM) outlining business plans for the current fiscal and also for 11 percent higher capacity utilization. “The MoU sets 11 percent higher capacity utilization as compared to last year,” the company said in a statement.
The MoU was signed on Friday by the Ministry of Mines’ Secretary Anil Mukim and company’s Chairman and Managing Director Santosh Sharma. HCL is a public sector undertaking under the administrative control of the Ministry of Mines. It has the distinction of being the nation’s only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining, and casting of refined copper metal into downstream saleable products.
The Company markets copper cathodes, copper wire bar, continuous cast copper rod and by-products, such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid. In normal practice, more than 90% of the sales revenue is generated from cathode and continuous cast copper rods. In concluded the financial year 2016-17, as per provisional estimates, the Company has earned a net profit of Rs 61.94 crore against a sales turnover of Rs 1216.94 crore.