Urgent need to increase the Resource base of Copper: Shri Dinsha Patel
Consultative Committee of the Ministry of Mines meets
Consultative Committee of the Ministry of Mines meets
Minister of State for Mines (Independent Charge) Shri Dinsha Patel has underlined the urgent need to increase the resource base of copper by increased investment in exploration as well as acquisition of mining assets in other geographies. He was addressing the Parliamentary Consultative Committee Meeting of the Ministry of Mines regarding “Hindustan Copper Limited-Present Status and Future Plans for Growth” here yesterday.
Addressing the meeting, Shri Patel said that the India holds only about 2% of global resource and 0.6% of global reserve. Against a potential area of 60,000 sq km conducive to copper mineralization, exploration of only 20,000 sq. km area has been covered by GSI. He said that the ore reserve and resource in the country being limited, there is an urgent need to increase the resource base of copper by increased investment in exploration as well as acquisition of mining assets in other geographies and HCL monopoly position in respect of copper mining in India has a crucial role to play in this respect.
The Minister said that the performance of HCL during 2010-11 has vastly improved compared to previous year and has posted a pre tax profit of Rs 335.12 crores considering the high LME prices and the Company also paid highest ever dividend of 20% to its share holders for fiscal 2010-11. He said that the mine production of the Company has shown significant growth and ore production was 36.0 lakh tonne against MoU target of 34.96 lakh tonne in 2010-11.
Shri Patel informed the members that demand of copper has grown at the rate of about 8% and the consumption of refined copper is expected to double in the next five years. He said Mining and Exploration which are the prime drivers of value have been identified as the key thrust area for growth & sustainability of the Company.
The Members of the Parliament present in the meeting include:Shri Amarnath Pradhan(Lok Sabha),Shri Deoraj Singh Patel(Lok Sabha),Shri Ramen Deka(Lok Sabha),Shri Sohan Potai( Lok Sabha) and Ms.Gundu Sudha Rani(Rajya Sabha).
The Secretary, Ministry of Mines, Shri Vishwapati Trivedi, along with senior officers of the Ministry and HCL also attended the meeting.
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