Hindusta Copper eyes foreign buy

Jun 25, 2010 |

Bengaluru

Hindustan Copper Limited (HCL) is in talks to acquire mining assets in Chile and Namibia, its chairman and MD, Mr Shakeel Ahmed, said on Thursday.
“We have had preliminary discussions in Chile, Namibia and we will keep any such opportunity in any country abroad on our radar to acquire copper deposits,” he said.
Mr Ahmed said that acquiring a mining asset is a time-consuming process and a lot of risks are involved. “The asset can be toxic,” he said, adding due-deligence has to be done carefully before acquiring any such property.
He said that HCL is open to all forms of acquisitions abroad — it could be acquisition by itself, or through joint venture or buying of strategic stake. He pointed out that copper consumption in India is 5.5 lakh tonnes annually against 61 lakh tonnes in China and 19 lakh tonnes in the US.
India has only one per cent of the world's copper reserves and its consumption is growing at the rate of seven to eight per cent annually.
“Prime Minister is keen on acquisitions of assets abroad to secure our long-term interests of mineral resources, and added that HCL is pursuing mining leases in Madhya Pradesh, Jharkhand and Rajasthan,” he added.

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