The Board of Hindustan Copper Ltd. has approved the award of an EPC contract for re-opening and expansion of Rakha mine in Jharkhand to a consortium of Kopex Shaft Sinking Company, Poland, and India Resource Ltd., Australia, at a cost of Rs 259.91 crore.

The capacity of Rakha mine has been designed to produce ore at the rate of 1.5 million tonnes per annum. The Polish company will be the lead partner in this venture.

The company, in which the government’s stake now stands diluted at 94.01 per cent after a follow-on offer in December 2012, saw improved results in the quarter ending December 2012.

Performance

Sales turnover at Rs. 310 crore was higher than the previous quarter but was lower than the same quarter a year ago. Net profit, at Rs. 75.8 crore, was substantially higher than the second quarter but lower than the year-ago figure.

During the period under review, ore production was 8.92 lakh tonnes, which marked a 7.5 per cent rise over the previous quarter and a 2.5 per cent rise over the same quarter of the previous year.

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