Hindustan Copper surges 7% on reopening of Kendadih mine

Hindustan Copper surged 7% to Rs 95.65 on the National Stock Exchange (NSE) in early morning trade after the company announced that it has re-opened the Kendadih copper mine located in Jharkhand.

“Kendadih copper mine of the company located at Ghatsila, Jharkhand, was closed in the February, 2000 due to economic reasons. Since then, considering the favourable market conditions, the Company has reworked the mine business plan,” Hindustan Copper said in a press release.

After obtaining all the statutory clearances like Environment and Forest clearances including execution of mining lease deed from Central and State Governments it has re-opened the mine on 11th November, 2017, it added.

The mine (after completion of mine development activities) is expected to produce 2.25 lakhs MT of copper ore annually, the company said.

At 09:57 AM; the stock was up 6% at Rs 94.70 on the NSE on back of heavy volumes. On comparison, Nifty 50 index was down 0.2% at 10,239 and the sector Nifty Metal index quoting 0.44% lower at 3,603. A combined 5.62 million shares changed hands on the counter on the NSE and BSE so far.