HINDUSTAN COPPER LTD

Mines copper ore from underground and open-cast operations across three Indian states — Rajasthan, Madhya Pradesh (Malanjkhand) and Jharkhand — and sells the output primarily as copper concentrate (MIC) to domestic smelters. The planned exit run-rate is 12.2 million tonnes of ore per year by FY31, split across Malanjkhand (5 MT), Khetri in Rajasthan (2.9 MT) and Jharkhand (4.3 MT, including 3 MT from the Rakha mine run by JSW's South West Mining on an MDO basis at a 12.5% revenue share, plus Surda at 0.9 MT and Kendadih at 0.4 MT). FY26 MIC production is guided at roughly 30,000 tonnes, of which 20,000 tonnes come from Malanjkhand, with overall ore output tracking 85–90% of plan because of an early and heavy monsoon. Smelting/refining activity is being re-started at the Gujarat Copper Plant via a 20-year revenue-sharing contract with Lohum Materials, while an MoU with Codelco is aimed at underground mining know-how. Customers are copper smelters in India; reported customers offtake the concentrate from Hindalco, Adani and potentially Vedanta's Tuticorin smelter. Cost structure is dominated by other operating expenses at 40.5% of revenue and employee cost at 11.7%, with raw materials a small 2.4% and depreciation 6.5%.