New Delhi | Aug 31, 2016: State-run Hindustan Copper has signed a joint venture agreement with Chhattisgarh Mineral Development Corporation (CMDC) for exploration, mining and beneficiation of copper and associated minerals.

In a BSE filing, Hindustan Copper today said it "has executed a Joint Venture (JV) agreement on August 30, 2016 with Chhattisgarh Mineral Development Corporation Ltd, a Government of Chhattisgarh enterprise, for exploration, mining and beneficiation of copper and its associated minerals in the state of Chhattisgarh."

In the JV, Hindustan Copper Ltd will hold 74 per cent stake while CMDC will hold 26 per cent. It further said: "Initially the JV company would be formed with an authorised paid up capital of Rs 10 crore to meet the cost of exploration."

"CMDC will be allotted 26 per cent equity in the joint venitre company for consideration other than cash which would be against the services to be provided by CMDC for facilitating the varied licences and approvals from the state government," it added "Any further capital requirement for development of mine and beneficiation plant may be structured on mutual consent, depending on the project viability post exploration," the filing said.

(Source: http://www.oneindia.com/)