State-owned Hindustan Copper Ltd (HCL) announced on Tuesday (1 December) that it has signed a Memorandum of Understanding with NTPC Mining Ltd (NML) to collaborate on copper and critical minerals development. The partnership will allow both companies to jointly participate in auctions for copper and critical mineral blocks and work together on exploration, mining and processing activities.

Under the MoU, HCL and NML will also evaluate joint investment opportunities to develop, mine and process minerals from HCL’s existing asset base. The collaboration extends to assessing potential partnerships across domestic and overseas copper and critical mineral projects, covering current and future assets.

HCL’s net profit rose 82.3 per cent year on year to Rs 1.86 billion in the latest quarter, up from Rs 1.02 billion a year earlier. Revenue increased 39 per cent to Rs 7.18 billion from Rs 5.18 billion. EBITDA surged 86.3 per cent to Rs 2.82 billion, with margins widening to 39.3 per cent from 29.2 per cent.

Shares of Hindustan Copper closed at Rs 338.50 on the BSE, down Rs 0.75 or 0.22 per cent.