Hindustan Copper is planning to develop a new mine with about 50 million tons of ore reserves in Jharkhand, India.

The firm plans to engage contractors to develop the underground mine at Chapri-Sideshwar block, reports Business Standard.

The development plans fall under the firm’s strategy to increase its capacity from 3.5 million tons to 12.5 million tons by 2017.

The development of Jharkand mine comes ahead of the firm’s $884m share sale programme next year.