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Hindustan Copper courts Nalco to form JV for funding mining projects

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Hindustan Copper Limited (HCL) held talks for a possible joint venture with aluminium major Nalco as part of the company's effort to explore alternative options to fund new mining projects. With the company's proposed follow on public offer (FPO) getting delayed, this is one of the options other than raising production, a joint venture with Nalco and external commercial borrowings.
"The timing of the FPO will be decided by the department of disinvestment. We are using the delay in the FPO to explore other means of raising finance. The need for FPO proceeds to fund our projects has also gone down with increase in our internal production," Shakeel Ahmed , CMD of HCL said.
HCL's expansion plan is focused on raising its mining output four-fold to 12 million tonne from its current level of 3.6 million tonne. With LME copper prices ruling at firm levels of $9100 per tonne, the company says it is confident of generating funds from internal sources in the next two years but will face a funds gap in 2013.
"We will able to meet our expansion needs in the current year 2011-12 and the next year (2012-13). However, we will face a fund shortfall of Rs 207 crore in 2013 and we are exploring ways to meet this gap," Ahmed said.
discussions with Nalco for a joint venture. How-ever, this will take time and we will proceed after all the necessary due diligence is done," Ahmed added.
Ahmed added. If HCL decides to tie the knot with Nalco, the JV will mainly be responsible for developing the lucrative Malanjkhand copper mines in MP.
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