Hindustan Copper Sees Record MIC Production and Ore Output in FY24

Hindustan Copper Sees Record MIC Production and Ore Output in FY24

Hindustan Copper (HCL), India’s pioneering copper producer, has reported a notable increase in its metal-in-concentrate (MIC) production and ore output for the fiscal year 2023-24, marking significant milestones in its operational achievements. The company announced an MIC production of 27,404 tonnes and an ore production of 3.78 million tonnes for the year, the latter being the highest in the last four years and 13% higher than the previous year.

Particularly, the Malanjkhand Copper Project in Madhya Pradesh, HCL’s flagship operation, recorded an 18% increase in ore production and a 9.4% rise in MIC production compared to the last fiscal year. Meanwhile, the Khetri Copper Complex (KCC) in Rajasthan saw an 11% increase in ore production and a 17.3% increase in MIC production. The Taloja Copper Project (TCP) in Maharashtra notably achieved 27,833 tonnes of continuous cast copper rod production through third-party tolling, marking a substantial increase from the previous year.

These accomplishments underscore Hindustan Copper’s role as a vertically integrated copper producing entity engaged in the full spectrum of copper operations, from exploration and mining to beneficiation, smelting, and refining.

However, despite these operational successes, HCL’s consolidated net profit for the third quarter fell by 21.44% to Rs 63 crore ($756,000) from Rs 80.20 crore ($962,400) in the same quarter of the previous fiscal year.

Revenue from operations also saw a decrease of 28.31% year-on-year to Rs 399.29 crore ($4.79 million) in Q3 FY24.As the company navigates through these financial results, its stock experienced a slight decline of 0.26%, trading at Rs 309.30 ($3.71) on the BSE. These developments reflect Hindustan Copper’s ongoing efforts to solidify its position in the copper industry amidst fluctuating market conditions. icon

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