Hindustan Copper Limited (HCL) has appointed South West Mining Limited (SWML) as the Mine Developer cum Operator to reopen and expand its Rakha Copper Mine in East Singhbhum, Jharkhand, according to a press release issued on January 10, 2025. The Mining Services Agreement was signed on January 9 in Ranchi, in the presence of Union Minister of Coal and Mines G. Kishan Reddy.
The shares of Hindustan Copper Limited (HCL) were trading at ā¹234.92, down by ā¹0.86 or 0.36 per cent on the NSE today at 10.50 am.
The 20-year contract, which is extendable by another 10 years, includes the development of a new underground mine at Chapri and the commissioning of a new concentrator plant. The project, with an estimated capital expenditure of ā¹2,700 crore, is expected to generate around 10,000 direct and indirect jobs.
The Rakha Mine has been dormant since 2001 when operations were suspended due to economic unviability. SWML received the Letter of Award for this project on November 25, 2024, following a successful tendering process.
The agreement was signed by HCLās senior management, including CMD Ghanshyam Sharma and Director (Mining) Sanjiv Kumar Singh, along with SWMLās Whole Time Director Anil Sood and other officials from both companies. This revival project marks the reopening of the mine after more than two decades of closure.
