Hindustan Copper (HCL) has signed a joint venture (JV) agreement with Chhattisgarh Mineral Development (CMDC) and PSE of State Government of Chhattisgarh to conduct mining operations in the Indian state.

HCL is a Miniratna Category-I company under the administrative control of the Ministry of Mines, Government of India.

The newly formed JV company will carry out exploration and mining of copper ore in Chhattisgarh state.

"HCL will have a 74% equity stake in the new company."

HCL will have a 74% equity stake in the new company and the remaining 26% would be held by CMDC.

HCL is involved in exploration and production of copper ore, as well as refining, smelting, production of copper cathode and saleable products.

The collaboration will help boost copper exploration results in the state. It will also bolster India's raw material security.

Image: Hindustan Copper chairman Diwan and CMDC managing director Reena Kangale exchanging the documents after signing the agreement. Photo: courtesy of Hindustan Copper Ltd.