Hindustan Copper Ltd Poised to Exceed Capex Targets Amid Rising Demand

State-owned Hindustan Copper Ltd expects to exceed its Rs 350 crore capex target for the current fiscal year. The company continues to invest in its mine expansion plans and anticipates significant growth in copper demand driven by the renewable, transportation, and construction sectors.

State-owned Hindustan Copper Ltd announced on Friday that it is on track to surpass its capex target of Rs 350 crore for the current fiscal year.

The company revealed in a filing to the BSE that it expects to exceed this year's capex target, similar to last year's performance. This continued investment focuses on expanding its mining operations.

Hindustan Copper Ltd has issued a tender for the appointment of a developer for the Rakha mine, paving the way for new investments. The company anticipates robust copper demand driven by growth in renewable energy, transportation, and construction sectors, with analysts predicting double-digit growth in these areas in the short term.

India's current per capita refined copper consumption stands at 0.5 kg, significantly lower than the global average of 3.2 kg per capita. With India's aggressive growth trajectory and expected double-digit growth, domestic copper demand is set to outpace global demand, according to the PSU.

Hindustan Copper Ltd operates under the administrative control of the Ministry of Mines and has facilities for the production and marketing of copper concentrate, copper cathodes, continuous cast copper rod, and byproducts.

(With inputs from agencies.)