State-run Hindustan Copper Ltd (HCL) will invest approximately Rs 20 billion (USD 240 million) over the next five to six years to expand its mining operations, primarily at its flagship Malanjkhand Copper Project (MCP) in Madhya Pradesh, according to Chairman and Managing Director Sanjiv Kr Singh.

This capital expenditure forms part of the company's broader plan to triple its annual ore production capacity from 4 million tonnes to 12.2 million tonnes by the 2030–31 financial year. The investment will be funded entirely by HCL and excludes separate revival efforts for the Rakha and Chapri mines in Jharkhand, which are being developed through a Public-Private Partnership (PPP) model.

A JSW Group company has been awarded the Mine Developer and Operator (MDO) contract for the Jharkhand blocks and is expected to invest around Rs 26 billion (USD 312 million), including the construction of a concentrator plant.

Of the Rs 20 billion committed by HCL, between Rs 14–15 billion will be directed toward the Malanjkhand Copper Project. This includes the development of underground mining infrastructure, installation of a paste-fill plant, and construction of a new concentrator facility. The remaining funds will support capacity enhancements at HCL’s Khetri operations in Rajasthan and the Indian Copper Complex (ICC) in Jharkhand.

At Khetri, the focus will be on boosting both mining and concentrator capacity, while the Rakha mine at the ICC is scheduled to restart operations by the fourth quarter of the current fiscal year.

The expansion programme aligns with HCL’s long-term strategy to increase domestic copper availability in response to surging demand from infrastructure, renewable energy, electric vehicles, and defence manufacturing sectors.

In the 2024–25 financial year, HCL reported its highest-ever revenue of Rs 20.71 billion (USD 248 million) and a pre-tax profit of Rs 6.34 billion (USD 76 million).

Over the last two years, the company has added more than 123 million tonnes of copper ore resources through exploration activities. It aims to further expand its reserves through upcoming mineral auctions and is actively pursuing partnerships, including a collaboration with Chilean mining giant CODELCO, to share expertise in mining and beneficiation technologies.

HCL remains India's only vertically integrated copper producer and currently controls access to around 45 per cent of the country’s copper ore resources.