Hindalco mulls acquisition of overseas copper mines

Kolkata : (IANS) Hindalco Industries Ltd, flagship of the Aditya Birla Group, plans acquiring copper mines in developing countries to increase its captive copper mining capacity to 60 percent from the present 40.

“We are looking at enhancing captive copper mines to 60 present from 40 percent now to meet company requirements. We are also eyeing to acquire copper mines in the developing countries,” Hindalco Industries managing director Debu Bhattacharya told reporters on the sidelines of the 11th National Conference on National HRD Network here Friday.

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He said Hidalco was evaluating copper mines across the world, especially looking at exploring opportunities in developing countries like Argentina, Peru and Columbia.

Interacting with media persons, Bhattacharya said the company was also looking at quality bauxite deposits in India.

Hindalco has integrated facilities that include bauxite mines, alumina refinery, steam and power generation facilities and smelting units.

Hindalco’s facilities at Renukoot in Uttar Pradesh also include semi-fabrication facilities for production of value-added products.

With a strategy of ensuring self-sufficiency in key inputs, the company has participated in joint ventures for ensuring supply of caustic soda and aluminium fluoride.

Speaking on aluminium price, he said it would not go down since consumption was increasing.

“I can’t predict whether aluminium price will go up, but at least, it will not go down,” Bhattacharya added.

The company initially had aluminium smelting capacity of 20,000 tonnes per year (TPY) and alumina refining capacity of 40,000 TPY at it facilities in Renukoot.

Continual expansions have seen smelting capacity grow 12 fold to 242,000 TPY, whereas aluminum refining capacity has been increased to 450,000 TPY.

The company, one of the lowest cost producers of aluminium in the world, has grown into India’s largest aluminium producer with a 40 percent share in production.