State-run Hindustan Copper Ltd today announced the production from Banwas mine in Rajasthan will begin in the ongoing fiscal. “Hindustan Copper Ltd (HCL) has inaugurated Banwas mine located at Khetri Copper Complex, Rajasthan after completion of mine construction,” the company said in a filing to BSE. The production from mine – having a capacity of 6 lakh tonne per annum of copper ore – will start from current financial year, it said. The mine was inaugurated by K D Diwan, CMD, Hindustan Copper Limited yesterday, it said. Hindustan Copper’s net profit jumped manifold to Rs 40.77 crore during the quarter ended March 31, 2017. The company had posted a net profit of Rs 0.64 crore in the year-ago period.
Income from operations increased to Rs 571.76 crore in the quarter under review, from Rs 354.39 crore in the corresponding period last fiscal. Total expenses rose to Rs 557 crore from Rs 363.25 crore in the year-ago period. Hindustan Copper has the distinction of being the country’s only vertically integrated copper producing company encompassing mining, beneficiation, smelting, refining and casting of refined copper metal.