To lessen the nation's reliance on imports, state-owned Hindustan Copper Limited (HCL) will gradually expand mine production of the metal to 20.2 million tonnes per annum (MTPA), a top business official announced on Wednesday.
The proposed expansion of the Malanjkhand Copper Project (MCP) in Madhya Pradesh will increase the copper ore production capacity from two MTPA to five MTPA by developing an underground mine beneath the existing open pit, whose life is nearing its end, HCL CMD Arun Kumar Shukla stated at the company's AGM in Kolkata.
He claimed that due to its use in industries including electronics, construction, industrial machinery, and consumer goods, the demand for copper is anticipated to increase over the long term.
Additionally, according to Shukla, only 0.31% of the world's copper ore deposits are in India.
Only 0.1% of the world's mining production capacity comes from the country, while only 4% of the world's refined copper is produced there, he continued.
According to Shukla, phase one of the ore production expansion will take seven to eight years, after which it will be increased to 20.2 MTPA.
He claimed that due to the government's emphasis on infrastructure, defence, renewable energy, and electric vehicles, copper usage in India is predicted to increase significantly.
Production in the east will increase if mining operations at Ghatshila, Jharkhand, resume, he claimed.
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