Date | Nov 09, 2017:

With an expectation that more copper mines would come up for auctions, India's import dependence for the metal is expected to come down, Mines Secretary Arun Kumar said here on Thursday.

He also said Hindustan Copper Ltd's (HCL) expansion programme would help the country to increase its domestic production for metal.

"India imports more 90 per cent of its copper requirement now. HCL's expansion programme would increase the domestic production. Besides, we have been auctioning mines and the country is progressing towards focused exploration of minerals. It is hoped more copper mines would come up for auctions. With all these, we hope country's import dependence for copper would come down," Kumar said at the HCL's golden jubilee celebration here.

The state-run company is presently implementing mine expansion scheme to quadruple its production capacity from 3.4 million tonnes to 12.4 million tonnes per annum within the next 5 years at an estimated capital expenditure of around $700 million, stated Company Chairman and Managing Director Santosh Sharma.

(Source: http://www.business-standard.com/)