hcl to enter into mining jvs

See the below article - wonder if IRL have put there name in the hat for any of these???

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HCL to enter into mining JVs with two foreign cos
23 Nov, 2007, 0106 hrs IST, TNN

KOLKATA: Hindustan Copper (HCL) may shortly float two joint ventures with overseas partners. One will be for opening a new copper mine at Chabri in Jharkhand on the Singhbhum copper belt—a project that will require an investment of Rs 600 crore—while the other will be for copper and mineral prospecting and exploration in India.

“We’ve already applied for licences of prospecting and have decided to look for foreign partners to enter into copper prospecting and exploration in India. We’ve decided to float a JV with a foreign partner since we do not have adequate expertise in the field.

Such projects can also be taken up near our existing reserves as exploration has been carried out up to a certain depth beyond which reserves remain unexplored,� HCL’s managing director, S C Gupta said.

He was talking to reporters on the sideline of a trilateral mining seminar, Best Practices in the Mining Industry- Australia, Indonesia and India organised by the Australian HC, in Kolkata on Thursday.

On the JV for opening up the Chabri mine in Jharkhand Mr Gupta said, “We have applied for lease which will be followed by an expression of interest. Investment is likely to be about Rs 600 crore and reserves are to the tune of 80 million tonnes. We’ve also decided to open up a new mine, Banwas in Rajasthan. Mine in this location will be done through contract mining with foreign partners and investment here is likely to be between Rs 300-400 crore.�

Additionally, HCL has decided to open four closed mines in Jharkhand. These include the Rakha mine, Pathagora, Kend and Musabani. It has recently opened up its closed Surda mine. Total reserves in these mines adds up to 50 million tonnes. “Leases of all four mines have lapsed and we have applied to the government to renew these. Once the leases are renewed we will rope in foreign mining contractors and reopen these,� he said.

“We are looking at foreign participants in areas opening up of mines, both new and closed, consultancy as well as prospecting and exploration, as well as mine planning and design, upgradation, modernisation and expansion of existing mines,� he added.