MUMBAI: India's top aluminium maker Hindalco Industries is still looking to acquire copper mines, a top executive said on Tuesday. "Our objective is to have 40 percent of our concentrate requirement coming from our own mines. We are still short of that," Managing Director Debu Bhattacharya said. He declined to give details. Hindalco operates copper mines in Australia under its unit, Aditya Birla Minerals. Hindalco last week reported consolidated 2009/10 results, including those from its Canadian unit Novelis, with net profit more than doubling to 39.26 billion on net sales of 607.22 billion. Hindalco, which produces aluminium and copper, reported strong growth on a rebound in metals prices and stronger output.
Is this one along with previous news regarding Finance Facility of USD100 million, indicating something interesting happening here?
ABY Price at posting:
71.5¢ Sentiment: LT Buy Disclosure: Held
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