Chhattisgarh Copper limited, a Joint Venture company of Hindustan Copper limited (HCl) and Chhattisgarh Mineral Development Corporation (CMDC) has commenced operations in the State, officials informed.
Notably, the registered office of Chhattisgarh Copper limited, a Joint Venture Company of Hindustan Copper limited and Chhattisgarh Mineral Development Corporation, was inaugurated on July 28 at Bhilai, Sector-5.
Hindustan Copper ltd, last year had signed a joint venture agreement with Chhattisgarh Mineral Development Corporation (CMDC) for exploration, mining and beneficiation of copper and associated minerals.
Hindustan Copper in a BSE filing last year had also informed that it has executed a Joint Venture (JV) agreement on August 30, 2016 with Chhattisgarh Mineral Development Corporation ltd, a Government of Chhattisgarh enterprise for exploration, mining and benefaction of copper and its associated minerals in the state of Chhattisgarh."
In the JV, Hindustan Copper ltd will hold 74 per cent stake while CMDC will hold 26 per cent.
It had further stated: "Initially the JV company would be formed with an authorised paid up capital of Rs 10 crore to meet the cost of exploration."
Notably in April 2015, the Central public sector undertaking Hindustan Copper ltd had announced it will be forming a Joint Venture Company (JVC) with Chhattisgarh Mineral Development Corporation limited (CMDC) with investment of Rs 10 crore in the equity capital of JVC to explore and develop new copper mines in the State of Chhattisgarh.
The company had informed in its filing to the BSE that the Board of Hindustan Copper ltd has approved the proposal for formation of a JVC with CMDC.
Incidentally, Chhattisgarh is also among 11 states in the country where Coal Bed Methane (CBM) blocks have been awarded recently to various Public Sector undertakings/private organizations in four rounds of bidding for exploration in the country.
The exploitation of CBM, which covers 17,200 sq. km. (66%) of the total available coal bearing area (26,000 sq. km.) in 11 states of India.
In order to harness Coal Bed Methane (CBM) potential in the country, the Central Government formulated a policy in 1997 wherein CBM being natural gas is explored and exploited under the provisions of Oil fields (Regulation & Development) Act 1948 and Petroleum and Natural Gas Rules, 1959 and administered by Union Ministry of Petroleum & Natural Gas.
As an ongoing process, Directorate General of Hydrocarbons carries out studies to shortlist and carve more CBM blocks for auction for the forthcoming CBM rounds in consultation with Central Mine Planning & Design Institute ltd and Union Ministry of Coal.