Hindustan Copper has set a target to raise production by 25 per cent in 2019-20 and planned a capital expenditure of Rs 600 crore on expansion projects.

The government-owned copper miner plans to produce 51.5 lakh tonnes ore in the current fiscal against last year’s 41.22 lakh tonnes.

The target is in line with plans to ramp up production to 200 lakh tonnes.

“My strategy of growth is based on three areas —capacity expansion of the operating mines, reopening of some of the closed mines and acquisition of new mining lease from the state government,” said Santosh Sharma, chairman and managing director, Hindustan Copper.

All the three areas have been taken into consideration to meet the target of 51.5 lakh tonnes, Sharma added.

The company said the Malanjkhand underground mine project in Madhya Pradesh is progressing according to schedule and production is expected in 2019-20.

The company also plans to re-open the Rakha mine and start the Chapri Sideshwar mines at Ghatsila, Jharkhand.

Moreover, Sharma said the company was expecting mining lease for the Dhobhani Pathargora mine from the Jharkhand state government in 2-3 months. “Since that was an operating mine, there is not much work,” said Sharma.

The company, which recorded a revenue of Rs 1,816.25 crore in 2018-19, has set its sight on a revenue of Rs 2,000 crore in 2019-20. The company may also spend more than its planned capital expenditure during the year with investments up to Rs 1,200 crore.

“My actual capital expenditure commitment is Rs 600 crore but considering that I am planning to reopen one mine, ensuring expansion of another mine, the expenditure may go up to Rs 1,200 crore,” Sharma said.

HCL also plans to zero in on its first overseas acquisition in six months.