New Delhi: State-owned Hindustan Copper Ltd on Friday said its capital expenditure target for the current financial year is likely to exceed Rs 350 crore.
"Though this year's capex target is Rs 350 crore, it is expected that the company can exceed the target like last year," the company said in a filing to BSE.
The company is continuing to invest in its ongoing mine expansion plan.
The PSU has issued a tender to appoint a developer for the Rakha mine, adding that once finalized, it will pave the way for new investments.
Domestic copper demand in the country will increase in line with the growth of sectors such as renewables, transportation and construction sectors.
"Analysts suggest double-digit growth in these sectors in the near term. Accordingly, the copper sector is expected to grow in double digits," it said.
The current per capita refined copper consumption in India is about 0.5 kg, which is much lower than the global average of about 3.2 kg per capita, creating a huge gap.
The PSU said that since India is on an aggressive growth path and is expecting double digit growth, copper demand in India will definitely exceed global demand.
Hindustan Copper Limited (HCL) is under the administrative control of the Ministry of Mines. The company has facilities for production and marketing of Copper Concentrate, Copper Cathode, Continuous Cast Copper Rod and by-products.
"Though this year's capex target is Rs 350 crore, it is expected that the company can exceed the target like last year," the company said in a filing to BSE.
The company is continuing to invest in its ongoing mine expansion plan.
The PSU has issued a tender to appoint a developer for the Rakha mine, adding that once finalized, it will pave the way for new investments.
Domestic copper demand in the country will increase in line with the growth of sectors such as renewables, transportation and construction sectors.
"Analysts suggest double-digit growth in these sectors in the near term. Accordingly, the copper sector is expected to grow in double digits," it said.
The current per capita refined copper consumption in India is about 0.5 kg, which is much lower than the global average of about 3.2 kg per capita, creating a huge gap.
The PSU said that since India is on an aggressive growth path and is expecting double digit growth, copper demand in India will definitely exceed global demand.
Hindustan Copper Limited (HCL) is under the administrative control of the Ministry of Mines. The company has facilities for production and marketing of Copper Concentrate, Copper Cathode, Continuous Cast Copper Rod and by-products.
