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Hindalco and Hindustan Copper sign MoU for supply of copper concentrate

Posted On: 2020-09-17 05:10:24

Hindalco Industries Limited and Hindustan Copper Limited (HCL), a Miniratna Central Public Sector Enterprise, today signed a Memorandum of Understanding (MoU) for the long-term purchase and sale of copper concentrate produced by Hindustan Copper Ltd.

The MoU was signed by Mr. Arun Kumar Shukla, Chairman and Managing Director of Hindustan Copper Ltd., and Mr. Satish Pai, Managing Director of Hindalco Industries Ltd.

This is a unique public-private partnership (PPP) that aligns with the government's clarion call for AatmaNirbhar Bharat Abhiyan. This partnership is a major step towards import substitution and reducing the nation's dependence on imported copper concentrate.

Mr. Satish Pai, MD, Hindalco Industries Ltd., said, "We are honoured to partner Hindustan Copper Ltd. This agreement is a major step forward towards AatmaNirbhar Bharat as it will help in utilising locally mined copper concentrate for domestic production of refined copper and it reduces the nation's dependence on import of a critical metal."

"It adds strategic value to Hindalco's value chain and empowers us to offer a more reliable supply of copper products to feed diverse copper downstream sectors in India. This is an excellent example of a public-private partnership creating a win-win solution for both the organisations," Mr. Pai added.

Hindustan Copper Ltd. is the only producer of copper concentrate in India. Under this MoU, around 60% (copper content) of HCL's current copper concentrate production will be utilised by Hindalco in the manufacture of refined copper. Hindalco's copper is used by key industries, such as power, electronics, railways and construction.

Mr. Arun Kumar Shukla, CMD, Hindustan Copper Ltd., said, "This partnership will go a long way in building the domestic copper industry by ensuring efficient utilization of the country's mineral resources in a sustainable manner. With this partnership, HCL will be taking a step towards assuring the supply of raw material to the Indigenous copper manufacturers. This will also fulfil the country's mission of Make in India and AatmaNirbhar Bharat Abhiyan."

Hindustan Copper Ltd. has the distinction of being the nation's only vertically integrated copper producing company, from mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

Hindalco is India's largest custom copper producer, currently contributing to over 50% of India's domestic refined copper requirements. Hindalco's copper products are used in India's core infrastructural sectors, including power, construction, automobiles, railways, etc. Hindalco operates Asia's biggest single-location custom Copper Smelter at Dahej in Gujarat.

Shares of HINDALCO INDUSTRIES LTD. was last trading in BSE at Rs.175.8 as compared to the previous close of Rs. 183.8. The total number of shares traded during the day was 521595 in over 3520 trades.

The stock hit an intraday high of Rs. 183.35 and intraday low of 175.5. The net turnover during the day was Rs. 92658557.

Shares of HINDUSTAN COPPER LTD. was last trading in BSE at Rs.37.25 as compared to the previous close of Rs. 36.35. The total number of shares traded during the day was 89415 in over 524 trades.

The stock hit an intraday high of Rs. 38.3 and intraday low of 36. The net turnover during the day was Rs. 3340667.

Source: Equity Bulls

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