IRL impact: Hindustan Copper Ltd decides no more exclusive foreign partners

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Kolkata | Published: August 22, 2017 10:42:17 PM

State owned Hindustan Copper Ltd today said after India Resources Ltd terminated the contract at Surda mines, it has decided against any exclusive contract or partnership with any foreign contractor firms.

 Hindustan Copper Ltd,  India Resources Ltd, HCL , K D Diwan , IRL Another HCL official said the company has decided that they have decided against any foreign partner unless they have partnership with local firms. (Reuters)

State owned Hindustan Copper Ltd today said after India Resources Ltd terminated the contract at Surda mines, it has decided against any exclusive contract or partnership with any foreign contractor firms. “After IRL we are apprehensive about foreign parties,” HCL chairman and managing director K D Diwan said here today after the AGM. Another HCL official said the company has decided that they have decided against any foreign partner unless they have partnership with local firms.

HCL had said IRL has terminated contract arbitrarily leading them to loss of production. Though, HCL will claim damage but was unsure whether that can bear any fruits, officials said. HCL has able to reopen Surda mine since yesterday with an existing Indian contractor Sriram EPC. “We have signed a contract with Sriram EPC for six months in the existing mine till we hire a new one,” Dewan said.

Meanwhile, HCL will pump Rs 5000 crore in expansion of mining and copper production in the next three to four years. “We will invest some Rs 5000 crore in three to four years in mining and copper production capacity,” Dewan said. While, another Rs 1200 crore will be done by our proposed mine developer and operator, for two mines in Rakha and Chapri Sidheshwari in Jharkhand including three million concentrate plant, he said.

Some eight companies have expressed interest in the consolidated project. Another project will invest Rs 3025 crore in one lakh tonne per annum copper cathode at Malanjkhand.

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