i. The annual accounts of the year 2012-13 were adopted by the shareholders.
ii. It has decided to pay dividend at the rate of 20% on the paid up equity.
2. Major Achievements in Financial Year 2012-13
i. During the year 2012-13, the company has produced 36.57 lakh tonnes of Ore over 34.79 lakh tonnes of previous year, which is the highest production recorded in the last 13 years. This is due to commissioning of new mining equipment.
ii. The company has been consistently making profit since 2009-10. In 2012-13, the Company achieved best ever profit after tax of Rs 355.64 crore since inception.
iii. The company has rolled out eight mining projects at an estimated cost of Rs. 3435.0 crores to enhance its mining production from 3.4 million tonnes per annum at present to 12.4 million tonnes in the next five years. The work has started on four projects.
3. Production- During April-Aug’13
i. During April-Aug‟13, Ore production is 13% higher compared to corresponding period of last year.
ii. During April-Aug‟13, Metal-in- Concentrate production is 24% higher compared to corresponding period of last year.
iii. Total Copper sales are 10% higher compared to corresponding period of last year.
iv. Production target for FY 2013-14 :
Ore – 39.0 lakh tonnes
MIC – 35,200 MT
Cathodes – 33,792 MT
4. Mine Expansion Projects:
i. Capex of Rs 3435.0 crore firmed up to enhance mine expansion by four folds. During 2012-13, the plan expenditure was Rs. 260.28 crores.
ii. For FY 2013-14, HCL has proposed a plan outlay of Rs. 688.37 crores, Major activities will be mine expansion, replacement & renewal, mine development and Green Field Exploration.
iii. Environment Clearance for Malanjkahnd Underground Project which is the flagship project of your Company has been received from MoEF, New Delhi on 17th June 2013. The work at site will commence after receiving the clearance from the Standing Committee of National Wildlife Board, process for which is underway. The State Government has recommended the proposal and it is being forwarded to the Central Government.
5. New Projects
The Company has floated Expression of Interest (EoI) to extract minerals and materials from the copper ore tails. We expect that this will contribute significantly to the profitability of the Company in the years to come. This is also a big step forward towards achieving the goal of “Zero Waste Mining”.Action has been initiated to source Power from open access system through PTC, which 15% cheaper compared to current source.
6. Green Field Exploration
MP Government has granted RP of 580.73 sq. km in the Balaghat District to your Company and the lease deed has been executed in the month of March‟13.The Company‟s efforts in getting RP for exploration of copper deposit in the State of Rajasthan have also met with some success. Directorate of Mines and Geology has informed that a total area covering 1860.69 sq. km has been recommended for award of RP to your Company in the districts of Ajmer, Bhilwada, Pali Nagur.and Jaipur.
7. Disinvestment:
i. In terms of CCEA approval dated 14.9.2012, the Government of India has sold 8.87 crore equity shares (9.59%) from its existing shareholding in Hindustan Copper Limited in two stages through „Offer for Sale‟ (OFS) through the Stock Exchange mechanism and mobilized an amount of Rs.1,067.76 crores.
ii. After the disinvestment of shares, the current Government shareholding in HCL is now 90% making your Company compliant with SEBI requirement of minimum public shareholding.
