Your Directors have pleasure in presenting the Fifty Seventh Annual Report of Hindustan Copper Ltd (HCL/the Company) together with
the audited statement of accounts and Auditors' Report thereon for the year ended 31.03.2025.

1. Performance

Financial Summary or highlights

The comparative working results for the FY 2024-25 vis-a-vis FY 2023-24 are as under:

(' in crore)

During 2024-25, the Sales of the Company was '2048.11 crore
as against '1686.51 crore during FY 2023-24 registering an
increase of 21.44%. The Company posted Profit Before Tax from
continuing & discontinuing operation of ' 633.51 crore during the
year as against '410.43 crore recorded during the previous year
registering an increase of 54.35%. The Profit After Tax from

continuing & discontinuing operation during FY 2024-25 was
'468.53 crore as against '295.41 crore in FY 2023-24 registering
an increase of 58.60%. The total borrowing of the Company
stood at '166.47 crore as on 31.03.2025 as against '222.46 crore
as on 31.03.2024.

During 2024-25 Malanjkhand Copper Project (MCP) unit of the
Company has achieved ore production of 27.252 lakh tonnes
which was 103% of the target and 7% higher than FY 2023-24.
MCP unit has achieved highest-ever monthly production since
inception by producing 3 lakh tonnes of ore in the month of March,
2025. Total ore production at MCP in FY 2024-25 was from
underground mine operation only and it was 21% higher than
previous financial year. Khetri Copper Complex (KCC) unit of the
Company has achieved ore production of 0.7182 million tonnes
which was 51% of the target and 42% lower than FY 2023-24.
The shortfall in ore production at KCC unit is mainly attributable to
a major break down in the winding system of Kolihan mine
leading to production loss from mid of May, 2024 onwards (for
approx. 10 months) during FY 2024-25. Production at Surda
mine in Indian Copper Complex (ICC) unit resumed during FY
2024-25 after approx. four-years gap. The ICC unit has achieved
ore production of 30,687 tonnes compared to the annual target of

1,90,000 tonnes in FY 2024-25 due to late execution of the
mining lease deed (executed in September, 2024). The overall
ore production of HCL 34.74 lakh tonnes during FY 2024-25 was
82% of the target.

Despite 8% growth in MIC production at MCP unit in FY 2024-25
compared to the previous year (FY 2023-24), and the successful
commencement of operations of the Mosaboni Concentrator
Plant at ICC unit following the start of mining at Surda mine, the
overall MIC production was lower during the year. The production
of Metal in Concentrate (MIC) at 25,241 tonnes during FY 2024¬
25 was 73% of the target and 8% lower than MIC production of
27,404 tonnes in FY 2023-24. This decline was attributed to the
suspension of production at Kolihan mine of the KCC unit, due to
major breakdown in its winding system during the year.

Cathode and Continuous Cast Wire Rod (CCR) production
(Own) remained suspended during the year due to business
decision for direct sale of Copper Concentrate. Taloja Copper
Project (TCP) unit of the Company however produced 15,218
tonnes of CCR (third party tolling) in FY 2024-25 as compared to
27,833 tonnes produced in FY 2023-24. The Company has been
granted license from Bureau of Indian Standard (ISI) mark in the
CCR produced at its TCP unit under IS:12444-2020 standard for
copper wire rods for electrical applications w.e.f. 17.04.2024.

HCL has achieved Capex of ' 409.89 crores against the target of
' 350 crores in FY 2024-25.

Mr. Satish Chandra Dubey, Hon'ble Minister of State for Coal and
Mines, Govt. of India inaugurated the resumption of Surda Mine
operations on 05.10.2024 in the presence of Mr. Ramdas Soren,
Minister of Water Resources Department, Minister of Higher
Education and Minister of Technical Education, Government of
Jharkhand, Mr. Bidyut Varan Mahato, Hon'ble MP, Jamshedpur,
along with Mr. Sanjiv Kumar Singh, present Chairman and
Managing Director, HCL, and the then Director (Mining), HCL, Mr.
Ghanshyam Sharma, the then CMD (Addl. Charge) and D(F), HCL,
and other dignitaries.

The Company is taking all required measures including the following to further augment its production performance:

(i) To commence ore production from Kendadih & Rakha Mine
at ICC unit, the Company is taking requisite steps for grant
of stage -I, Forest Clearance over balance forest area within
mining lease and subsequent amendment of Environment
Clearance from Ministry of Environment, Forest and
Climate Change (MoEF&CC) for execution of lease deed
from Government of Jharkhand.

(ii) Commissioning of the Apron Feeder at 0 mRL at Kolihan
Mine is expected to be completed by mid of FY 2025-26. On
completion, Kolihan mine at KCC will enhance ore
production by 12,000 to 15,000 tonnes per month.

(iii) The job of upgradation of the existing Motor-Generator
control system of the 1600 KW Service Shaft Winder at
Khetri mine has been taken up to operate at its rated
capacity. The work is expected to be completed by mid of FY
2025-26.

(iv) To address the water shortage at KCC, the Company has

taken up the matter with the State Government of Rajasthan
to increase water supply from the Kumbharam project.
Additionally, measures are being implemented to enhance
rainwater storage and retention capacity, improve the
internal water circulation system to reduce water loss and
increase water reclamation from the tailing dam.
Furthermore, Nagar Palika, Khetri, Government of
Rajasthan is constructing a Sewage Treatment Plant (STP)
at KCC, which is nearing completion. The Company has
already entered into an agreement with the State
Government to receive 1 MLD of treated water from the STP
which is expected to commence within 2^nd quarter of FY
2025-26.

(v) Regular review of contractors' performance is being done by
MCP, KCC and ICC units, as done in the previous year.

(vi) Regular preventive maintenance of man & material hoisting
system is being ensured at the mines of MCP, KCC and ICC
units.

(i) An Agreement has been executed between HCL and
Corporacion Nacional Del Cobre (CODELCO) De Chile
duly organized and incorporated under the laws of the
Republic of Chile on 26.03.2025 for cooperation and
exchange of information. The Company exchanged the
historical MoU with the State-owned Copper Mining
Company of Chile in the presence of Hon'ble Prime

Minister, Shri Narendra Modi, and Chilean President, Mr.
Gabriel Boric Font, on 01.04.2025. The main objective of
this Agreement is to identify and implement joint activities
and to foster strategic partnership in exploration, mining
and mineral beneficiation through sharing of knowledge
and experience as well as for training employees.

(ii) An MoU has been signed between HCL, Madhya Pradesh
State Mining Corporation Ltd and the Directorate of
Geology & Mining, Madhya Pradesh at the Global Investor
Summit on 25.02.2025 for exploration of critical minerals
including copper in Madhya Pradesh.

(iii) M/s National Productivity Council (NPC), a Government of
India organization, was engaged by HCL to develop a
comprehensive plan for achieving the Company's Net Zero
Emission target by 2047, and the detailed report on HCL's
Net Zero Plan has been submitted by NPC.

(iv) HCL has been rated “Excellent” by the Department of Public
Enterprises (DPE) for FY 2023-24 in terms of Performance
against MoU parameters.

2. Dividend

The Board of Directors of your Company has recommended
payment of dividend equivalent to 29.20% on paid-up capital of
the Company i.e. ^1.46 per share on ?5/- face value for the
financial year 2024-25 for approval of shareholders in the Annual
General Meeting. The outgo on this account will be ^141.19 crore
approx.

3. Material Changes, if any

No material changes and commitment, affecting the financial
position of the Company occurred between the end of the
financial year to which the financial statements relate and the
date of the report.

4. Projects

The status of different continuing mine expansion projects is as
under:

i. Malanjkhand Mine (Madhya Pradesh)

The ongoing capacity expansion project at MCP, which involves
development of an underground mine beneath the existing open¬
cast mine, is expected to enhance the ore production capacity
from 2.5 MTPA to 5.0 MTPA.

Following a seamless transition from open-cast to underground
mining in FY 2023-24, the Malanjkhand underground project
achieved ore production of 27.252 lakh tonnes in FY 2024-25,
representing a 7% increase over the previous year's actual
production. The ore production target has been pegged at 29.00
lakh tonnes compared for FY 2025-26 with an envisaged growth
of about 6.4 %.

To complete the residual work of underground mine construction
for capacity expansion, a consultancy contract was entrusted on
MECON, a reputed CPSE Consultancy Organization, for
estimation of value of residual work, preparation of NIT
document and evaluation of tenders which have been divided in
multiple parts (Mine Excavation at North Side, Mine Excavation
at South Side, Shaft Furnishing, Men & Material Hoisting system,
Crushing & Pumping system, Power system & Main Mechanical
Ventilator) to complete the work in an efficient manner. Out of the
above multiple parts, the contracts for completion of mine
development work at North & South side have been awarded and
started in FY 2022-23 and development work is under progress.
The tender for Shaft Furnishing, Men & Material Hoisting system
and Crushing & Pumping system could not be finalized due to
prices being significantly higher than departmental estimate.
Main Mechanical Ventilator proposal is to be retendered.
Electrical power system is also being retendered after last tender
was rejected due to high price.

The 3.00 MTPA paste fill plant for backfilling voids in the
underground mine at MCP was commissioned in November,
2024. The plant is expected to facilitate enhanced ore recovery
from mine stopes and ensure improved safety standards at the
mines.

During FY 2024-25, an underground leaky feeder-based

REPORT OF THE BOARD OF DIRECTORS

communication system covering 16 km of the mine was
successfully installed and commissioned at Malanjkhand
underground project. This communication system will facilitate
digitization, automation, and enhanced safety in the
underground mine.

ii. Khetri & Kolihan Mine (Rajasthan)

The proposed expansion of mines at western sector would

Underground hydraulic drilling rig in Khetri Mine

increase ore production capacity from existing 1.0 MTPA to 3.0

MTPA. Mine-wise status is as under:

(a) Kolihan Mine: The study report of Geophysical Exploration
work, undertaken during FY 2021-22, has shown possible
extension of ore body up to (-) 300 mRL. Based on the
outcome of above work, the validation drilling has been
taken up which confirmed the continuity of ore body
extension up to (-) 300 mRL, i.e. about 750 m vertical depth.
For detailed exploration under G2 level, contract of 27,350
m of depth exploration drilling up to (-)300 mRL has been
awarded to EF Mining Pvt. Ltd. in February, 2025 which is
under execution. Following the outcome of detailed
exploration drilling & techno-economic feasibility;
infrastructure development work for capacity expansion will
be taken up. Kolihan Mine is already having Environmental
Clearance to produce 1.5 MTPA of copper ore.

(b) Khetri Mine: In order to enhance the ore production from
mine, contract had been awarded for conversion of track
mining to trackless mining at 0 mRL and below in
September, 2022 and the work is under progress. For
Banwas deposit of Khetri Mine, the Company has
appointed contractual agency which produced 3,08,187
tonnes of ore in FY 2024-25. Further, a depth exploration of

58,000 drilling meterage has been taken up to prove the
continuity ore body extension up-to (-) 300 mRL and
estimation of reserves at deeper level. Company is also in
the process of reworking the Phase-II expansion proposal
that was undergoing in earlier contract but could not be
completed due to encounter of bad ground conditions
during shaft sinking process.

iii. Surda Mine (Jharkhand)

During FY 2024-25, MoEF&CC granted Stage I Forest

Clearance for balance 65.52 ha forest area within Surda mining
lease on 15.06.2024 based on the recommendation of Forest
Advisory Committee, constituted by MoEF&CC on 15.05.2024.
Further, the Expert Appraisal Committee (Non-Coal Mining) in its
31^st meeting during 4-5^th July, 2024 in supersession of earlier
EAC meeting minutes dated 18-20^th October, 2022
recommended for amendment in Environment Clearance dated

Underground Mining operations in Surda Mine, ICC (File picture)

30.05.2022 for Surda mine for production capacity of 0.9 MTPA
(ROM) in the mine lease area of 388.86 ha. After submission of
above statutory clearances to the Government of Jharkhand,
Cabinet of Government of Jharkhand approved the extension of
Surda mining lease on 29.08.2024 over an area of 388.68 ha and
mining lease was executed on 28.09.2024. Surda mine
operations and ore transportation resumed on 05.10.2024. The
Surda Mine Plan envisages sinking of shaft, deepening of
various winzes to increase production capacity from 0.4 MTPA to
0.9 MTPA.

iv. Re-opening of closed mines at Indian Copper Complex
(ICC) Ghatsila (Jharkhand)

The Company has initiated action to re-open the closed mines,
development of new underground mine at Singhbum Copper
Belt of ICC namely, Kendadih and Rakha mines. Mine-wise
status is given below:

(a) Kendadih Mine: During FY 2024-25, the Government of
Jharkhand extended the Kendadih mining lease for 20
years w.e.f. 03.06.2023 to 02.06.2043 vide order dated

08.10.2024. The validity of the Kendadih mining lease
covering an area of 1139.60 ha had expired on 02.06.2023,
resulting in the suspension of mine operations. The
Government of Jharkhand has recommended the proposal
for Stage-I (in-principle) forest clearance for 413.477 ha of
balance forest land within the 1139.60ha Kendadih mining
lease to the MoEF&CC on 08.04.2025. The proposal is
currently under review with MoEF&CC awaiting
deliberation and approval. Proposal for amendment of
Environment Clearance from existing 726.13 ha to 1139.60
ha over total mining lease area has been submitted on

13.08.2024. After obtaining the necessary statutory
clearances, the lease deed will be executed, enabling the
commencement of mining operations to enhance the ore
production capacity from 0.21 MTPA to 0.45 MTPA.

mode. Mining Services Agreement (MSA) has been
executed on 06.01.2025 between HCL and South West
Mining Ltd (the MDO) for re-opening & expansion of Rakha
copper mine, Development of underground mine at Chapri
and commissioning of new matching capacity concentrator
plant at Rakha for an initial contract period of Twenty (20)
years with a provision for further extension of ten (10) years.

Exploration:

During FY 2024-25, the focus on exploration has been enhanced
considerably to assess depth extension of the ore bodies in
different leases of HCL as well as to enhance copper ore
inventory of the Company. During FY 2024-25, 36,499.70 meter
of surface drilling and 20,357.40 meter of underground definition
drilling have been completed in different leases. General (G2
level) exploration is in progress for Sidheswar Block to prove the
ore body up-to (-) 300 mRL for the entire Khetri mining lease
area. Depth exploration has been taken up in Kolihan mining
lease to explore sustainability of upcoming mining production
below the zero (0 mRL) by finding out the copper resource below
zero (0 mRL).

The Company added 56.88 million tonnes of Copper Ore in its
Reserves & Resource base during FY 2023-24 and as on

01.04.2024, the total Reserve & Resource of Copper Ore within
HCL's mining leases was 755.32 million tonnes of ore with
average grade of 0.95% copper. It is expected that the
exploration activities taken up during the financial year will
enhance copper ore Reserves & Resource of the Company.

The geological drilling and associated work completed in FY
2024-25 is highest since last 10 years of the exploration activities
undertaken by the Company.

5. Significant or material orders passed by the Regulators or
Courts or Tribunals

No significant or material orders have been passed by the
Regulators or Courts or Tribunals impacting the going concern
status and Company's operations in future.

6. Utilization of funds raised through preferential allotment
or QIP during the year

The Company had raised funds of ^500 crore in April, 2021
through Qualified Institutional Placement (QIP) for meeting
expansion/Capex plan of the Company by issuing 4,18,06,020
equity shares of face value of ?5/- each at a price of ^119.60
(including a premium of ^114.60) per share from institutional
investors including Mutual Funds, Banks, Insurance companies
and FIIs. During the year, the Company has fully utilized the
funds raised through QIP as per objects stated in the QIP
Document dated 12.04.2021 and there was no deviation in
utilization of funds.

7. Management Discussion and Analysis

A report on Management discussion and analysis of the
performance of the Company is given at Annexure-I.

8. Information in respect of Subsidiary, Associate and Joint
Venture

Khanij Bidesh India Ltd (KABIL), a JV company between National
Aluminium Company Ltd (NALCO), HCL and Mineral Exploration
and Consultancy Ltd (mEcL), was incorporated on 08.08.2019
with the objective to identify, acquire, develop, process and make
commercial use of strategic and other minerals in overseas
locations for supply to India and boost “Make in India” campaign.
The total paid up capital of KABIL as on 31.03.2025 is ^100 crore
and shareholding of NALCO, HCL and MECL in KABIL is in the
ratio of 40:30:30. The cumulative investment of HCL in KABIL is
^30.00 crore as on 31.03.2025.

Chhattisgarh Copper Ltd, a JV company between HCL and
Chhattisgarh Mineral Development Corporation Ltd (CMDC),
was incorporated on 21.05.2018 for exploration, mining and
beneficiation of copper and its associated minerals in the State of
Chhattisgarh. The total paid up capital of CCL as on 31.03.2025
is ^0.73 crore and shareholding of HCL and CMDC in CCL is in
the ratio of 74:26. The cumulative investment of HCL in CCL is
^0.54 crore as on 31.03.2025.

Information in respect of Subsidiary, Associate & Joint Venture
(Form AOC 1) pursuant to Section 129(3) of the Companies Act,
2013 read with Rule 5 of Companies (Accounts) Rules, 2014 is
given in Notes to Financial Statements.

9. Deposits

The Company has not taken any deposits covered under or
which are not in compliance with the requirements of Chapter V
of the Companies Act, 2013.

10. Related Party Transactions (RPTs)

Detail of RPT in Form AOC-2 is given at Annexure - II. Policy on
RPTs and dealing with RPTs has been formulated and put up at
the Company's website and can be accessed at
https://www.hindustancopper.com/Content/PDF/Policy
%20on%20MRPT_RPT.pdf.

11. Maintenance of cost records

The Company is required to maintain cost records as specified by
the Central Government under section 148 of the Companies
Act, 2013, and accordingly such accounts and records are being
maintained.

12. Procurement from MSEs

HCL has achieved the target procurement of 25% from MSEs
during the FY 2024-25.

13. Compliance of the provisions relating to the Maternity
Benefit Act, 1961

The Company is in compliance with the Maternity Benefit Act,
1961.

14. Name of companies which became and cease to be
Subsidiaries, JVs or Associate Companies

Nil during the year.

15. Establishment of Vigil mechanism

The Company has in place a Whistle Blower Policy which provide
adequate safeguards against victimization of employees /
directors who avail of the mechanism and also provide for direct
access to the Chairman of the Audit Committee in exceptional
cases. The Policy has been hosted at the Company's website
and can be accessed at https://www.hindustancopper.com/
Content/PDF/Whistle_Blower_Policy.pdf.

16. Application made or any proceeding under the
Insolvency and Bankruptcy Code, 2016

Not applicable as no application has been made or proceeding
pending under the Insolvency and Bankruptcy Code, 2016.

17. Difference in valuation at the time of one-time
settlement and valuation while taking loan from the Banks or
Financial Institutions

Not applicable as no one time settlement was done during the
year.

18. Internal Committee under the Sexual Harassment of
Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013

The Company has complied with the provisions relating to
constitution of Internal Complaints Committee under the Sexual
Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013. The Composition of the Internal
Complaints Committee is available at the website of the
Company at www.hindustancopper.com.

19. Risk Management Policy

The Board of Directors of the Company has developed and
implemented a Risk Management Policy for the Company
including identification therein of elements of risk, which in the
opinion of the Board, may threaten the existence of the
Company.

20. Dividend Distribution Policy

The Company has a Board approved 'Dividend Distribution
Policy' in place prepared in terms of Regulation 43A of SEBI
(Listing Obligations and Disclosure Requirements) Regulations,
2015 {SEBI (LODR), 2015}. The Policy is available at the website
of the Company and can be accessed at https://www.
hindustancopper.com/Content/PDF/Dividend_Distribution_
Policy.pdf.

21. Internal Financial Controls

The Company has in place adequate internal financial control
with reference to financial statements commensurate with its size
and operations.

22. Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings and Outgo

Information on conservation of energy, technology absorption
and foreign exchange earnings and outgo stipulated under
Section 134(3)(m) of the Companies Act, 2013 read with Rule 8
of the Companies (Accounts) Rules, 2014, is given as
Annexure-III forming part of this report.

23. Safety

Mine Safety & Environment management remains the high
priority area of the Company. The Company is always aiming to
achieve “Zero Accident Potential” and committed to continue
sustainable mining by diligently adhering the 'Sustainable
Development Framework' stipulated by Indian Bureau of Mines
(IBM), Government of India.

respectively in the First Aid Competition organized by Shree
Cement at 38^th Mines Safety Week 2024-25, Ajmer Region.

iv. MCP participated in the Trade Test of Metalliferous Mines
Safety Week - 2024 held at Tirodi mines on 20.11.2024 and
won prizes in the categories of Mining Mate, LHD Operator/
LPDT, Cable Bolt operator, Pump Operator, Welder and
Fitter.

v. Rescue team of KCC was awarded as 2^nd best in Overall
Performance and Rescue & Recovery in the 53^rd All India
Mines Rescue Competition 2024 under the Metalliferous
Mine category on 21.12.2024.

(d) 2^nd prize in Fire fighting, emergency preparedness,
mock drills

Besides the above, special training, regular refresher training
program and on-the-job training are provided to all employees.
Safety Campaigns like “Annual Mines Safety Week”, “Fire
Services Day”, “Fire services week” and “Industrial Safety Day”
celebrations are conducted regularly with active participation of
employees in all the Units of HCL.

During the year Malanjkhand Technical Association organised a
National Seminar on “Mining and Processing innovations and
Technology Perspectives for the NextGen” at Malanjkhand on

23.11.2024. MCP has also successfully organized two significant
events on 11.02.2025 aimed at reinforcing safety practices in its
mining operations (a) Launch & Distribution of POCKET SOP
DIARY - ensuring easy access to critical safety protocols for daily
operations and (b) Training on Explosives Safety - A dedicated

vi. MCP has won several prizes in the Metalliferous Mines
Safety Week Celebration 2024-25, under the aegis of
Directorate General of Mines Safety.

vii. In the 62^nd Annual Metalliferous Mines Safety Week
Celebration 2024-25, under the aegis of Directorate
General of Mines Safety, Chaibasa region, Chaibasa,
Surda copper mine of ICC has won four prizes (Group- A3-
B) in different categories as under:

(a) 1^st prize in winding, underground machineries, garage,
plant & equipment maintenance (Group A3 - A)

(b) 1^st prize in dust control, OHS & first aid (Group A3 - A)

(c) 2^nd prize in statutory manpower, provisions & records
(Departmental) (Group A3 - A)

(d) 2^nd prize in mucking, loading & crushing (Group A3 - A)

viii. In the 62^nd Annual Metalliferous Mines Safety Week
Celebration 2024-25, under the aegis of Directorate
General of Mines Safety, Chaibasa region, Chaibasa,
Kendadih copper mine of ICC has won four prizes (Group-
A3-B) in different categories as under:

(a) 1^st prize - Winding /underground machineries, garage,
plant & equipment maintenance

(b) 2^nd prize in VTC Training facilities/FirstAids

(c) 2^nd prize in Statutory Manpower, provision and
records(departmental)

training session on the storage, transportation, handling and use
of explosives in the MCP UG Mine.

24. Environmental and Pollution Control Initiative/
Measures

During FY 2024-25, following Environmental and Pollution
Control Initiative / Measures undertaken:

(i) A Separate pumping system and dedicated pipeline have
been installed at the MCP unit for the collection and
complete recycling of mine and dump Seepage water. Mine
pit water is being recycled through multistage pumping
arrangement and collected in recycled holding pond near
concentrator plant. From the recycled holding pond it is
being supplied to Concentrator plant process. Since
inception the project has carried out extensive tree
plantation in open areas available within and around the

mine premises in consultation with expert agency i.e.
Madhya Pradesh Rajya Van Vikash Nigam Limited.

(ii) At MCP unit, mineral handling area has been provided with
dust control arrangements. At primary crusher & transfer
points water sprinkling system is in place. At secondary,
tertiary crushing & screening area water scrubber system is
in place. Regular water sprinkling over haul road is being
done through three nos. water tankers. Wet drilling is
practiced to reduce fugitive emissions. Continuous Ambient
Air Quality Measuring Station (CAAQMS) has been
installed at Town Administration building premises of MCP
unit and the information is uploaded in MPPCB Portal live.
Real Time Online Water Monitoring System installed at
Chhinditola is functioning properly and the data is
transmitted live on MPPCB Portal. Online flow meter with
telemetry system have been installed at two different
locations (a) Mine dewatering pipeline near reclamation
pond, (b) Intake well pipe line near Water Treatment Plant.
Environmental display board is installed at R&D Building
premises of MCP unit. All Compliances regarding
Environment are followed diligently with periodic
inspection.

(iii) 100% of Mine discharge water/STP treated water at KCC
unit is getting recycled in the system by using it in the
mineral processing plant. The air borne dust during various
mining operations is regularly suppressed by proper water

sprinkling arrangements. Water spraying system on
conveyor belt has been installed and effective operation of
Rotocyclone has been implemented in concentrator plant
for control of dust. Milli Second delay detonators are used in
blasting to control noise & ground vibration and to get better
fragmentation. Wet drilling is practiced invariably for
reducing the generation of dust during drilling operation.
Monsoon Plantation drive has been conducted in KCC unit
where out of 14,500 saplings procured, 10,500 saplings
distributed and 4,000 saplings planted in mines / township
area.

(iv) To reduce dependence on fresh water requirement for
beneficiation plant operations MoU is singed with Khetri
Nagar Palika for supply of 1.2 MLD treated sewage water.
This will reduce the fresh water foot print of KCC unit.

(v) Ambient Air, Noise and Effluent Monitoring has been carried
out at ICC unit periodically through JSPCB web portal.
Desiltation of Mosabani pond has been carried out to
enhance the water table. Telemetry based water flow meter
has been installed at Surda Mine to check the ground water
abstraction. Revamping of STP (Sewage Treatment Plant)
rotors for treatment of domestic sewage effluent. ICC unit
has distributed 7000 nos. of tree sapling among the local
people of the unit. 200 nos. local growing tree saplings
planted at Kendadih Mine on the occasion of World
Environment Day. Wild life conservation awareness display
board has been installed at plant, mines and offices of ICC
unit.

(vi) TCP unit has comprehensive effluent treatment system
consisting of primary, secondary, and tertiary treatment and
being operated continuously to achieve the quality of the
treated effluent as per Pollution Control Board. TCP unit is
also a member of 'Mumbai Waste Management Limited
Taloja, a Common Hazardous Waste Treatment, Storage
and Disposal Facility.

25. Research and Development

(i) Scientific Study and numerical modelling at Malanjkhand
underground copper mine is being carried out by M/s
CIMFR, Nagpur and M/s NIRM, Nagpur.

(ix) Subsidence Monitoring Survey of Surda mining lease,
Kendadih mining lease and Rakha mining lease of ICC unit
for Three (03) years has been awarded to M/s IIT-ISM,
Dhanbad.

(x) Installation of Vibratory Disc Cup Mill Pulverizer at
Mosabani of ICC unit for pulverization of ore, tailing and
concentrate samples.

26. Awards and Accolades:

(i) HCL has won the ASSOCHAM “Award for Excellence in
Non-Coal Mining - Outstanding Contribution in the Non¬
Coal Mining Industry” in Kolkata on 27.09.2024.

(ii) Modelling and simulation studies for designing the
ventilation system of MCP is being carried out by PMRC
Pvt. Ltd, Dhanbad.

(iii) Slope Monitoring Study of Malanjkhand mine for a period of
three years (2023 to 2025) is being carried out by M/s
CIMFR, Dhanbad.

(iv) Process audit and capacity augmentation of MCP
Concentrator plant under R&D works has been awarded to
M/s NML, Jamshedpur.

(v) Initiative has been taken to overcome the problem of
deterioration in metallurgical results and improvement in
recovery front of KCC concentrator plant by M/s IBM,
Nagpur.

(vi) The work of subsidence study for Khetri and Kolihan Mine
leases has been awarded to M/s IIT-ISM, Dhanbad.

(vii) R&D work for Development of an IoT (Internet of Things)
Enabled Online Monitoring and Data Analysis System for
Rock Mechanics Instrumentations at Kolihan Copper Mine
has been awarded to M/s IIT-Kharagpur.

(viii) Tailing dam leakage study at KCC unit has been
completed.

(ii) In recognition of the exemplary performance during the
National Learning Week, HCL was given a Certificate of
Recognition by the Hon'ble Minister of State for Personnel,
Public Grievances and Pensions of India, Dr Jitender
Singh, during the valediction ceremony of the National
Learning Week on 14.11.2024.

(iii) HCL received “CSR Excellence Award” on 16.12.2024 for
consistent contribution to CSR in Eastern India for Nation
Building in CSR Conclave 2024 organized by CIL at
Kolkata.

(iv) Shri Sanjiv Kumar Singh, CMD, HCL was felicitated for his
outstanding contributions to the Indian Mining Industry at
the Indian Engineering Congress organized by the
Institution of Engineers (India) at Kolkata on 21.12.2024.

(v) MCP has bagged overall 1^st prize in underground category
along with following 5 prizes in 34^th Mines Environment and
Mineral Conservation Week celebration held on
11.01.2025 at Jabalpur under the aegis of IBM, Jabalpur.

(a) 1^st prize in systematic and scientific development

(b) 1^st prize in waste dump management

(c) 1^st prize in environmental monitoring

(d) 2^nd prize in afforestation

(e) 2^nd prize in sustainable development

27. Corporate Social Responsibility (CSR)

The CSR Report in the prescribed format as per the Companies
(Corporate Social Responsibility Policy) Rules, 2014 is at

(b) Training on vigilance administration/ preventive Vigilance
fundamentals was imparted among employees of
Corporate office;

(c) Seminars were organized on various topics like, Ethics &
Governance, HCL (Conduct, Discipline and Appeal) Rules,
Public procurement - GeM and its advanced functionalities,
Cyber hygiene & Security, Significance of Ethics in a work
place, etc.;

(d) A skit was organized by the young & vibrant team members
of Bharat Scout & Guides, Shalimar addressing the menace
of corruption;

(e) A quiz programme was organized among employees on
several vigilance terminologies;

Annexure-IV.

28. Vigilance Activities

The Vigilance Department plays a crucial role in fostering
integrity, transparency, and accountability within the
organization. It ensures adherence to rules and regulations,
prevents misconduct and promotes a culture of ethical
behaviour, which eventually paves the way towards enhanced
productivity and organizational effectiveness. The role of the
department has been highlighted in detail which created a
positive vibe among employees and stakeholders resulting in
enhancement of productivity of the organization. During the
three-month campaign period, as a prelude to Vigilance
Awareness Week 2024, following Preventive Vigilance activities
have been carried out:

(a) Chief Vigilance Officer, HCL delivered Lecture at NIPER
Kolkata and Kendriya Vidyalaya, Ballygunge as outreach
programmes;

(f) Programs were organized at various schools and colleges
to acquaint students with their rights and duties towards the
progress of our nation and encourage them to adopt ethical
values.

Also, a two-day seminar on “Ethics - The Road to Success” was
organized by the vigilance department in January, 2025 which
was first of its kind in HCL and served as a pivotal conclave on

vigilance administration, bringing together CVOs and VOs of
Central Public Sector Enterprises in a common forum for
interaction. The event provided a dynamic platform for open
dialogue and exchange of ideas, wherein participants shared
their perspectives on multiple facets of vigilance administration,
ethical governance and the challenges of upholding integrity in
public service. The discussions focused on the essential role of
ethics in public administration, emphasizing how ethical
decision-making and value-based governance are critical for
fostering transparency, accountability and long-term
organizational success.

In adherence to complaint handling mechanism, all the
complaints which were received during FY 2024-25 had been
disposed within the period of stipulated 90 days from the
complaint stage. Systemic suggestions given by Vigilance
Department were implemented by the organization to enhance
transparency and improve overall efficiency. In totality by
addressing issues proactively, organizing awareness campaign
through seminars & workshops and streamlining the operations,
the objective of reducing complaints, improving the productivity
and achieving sustainable growth was achieved.

29. Official Language Implementation

During FY 2024-25, HCL made constant endeavor to increase
the use of Official Language Hindi in its Units/Offices. Hindi
Fortnight/Hindi Week/ Hindi Diwas were celebrated in the
Units/Offices of HCL from 14.09.2024 to 29.09.2024. On this
occasion, the messages of Hon'ble Home Minister, Hon'ble
Mines Minister and CMD, HCL were circulated/read out. During
the fortnight, various competitions were organized with a view to
increase interest among employees towards the Official
Language and winners were given awards on closing ceremony
held on 30.09.2024. Further, on the occasion of Rajbhasha
Diamond Jubilee Year 2024, to increase interest amongst
employees & their family members towards the Official
Language Hindi a 'Hasya Kavi Sammelan' was organized on

27.09.2024. Apart from this, Hindi competition is also organized
in every quarter on different topics. Employees are constantly
motivated to use Hindi in their day-to-day official work. Hindi
Workshops were conducted at Corporate Office, Units/Offices at

regular intervals. Regular review of progressive use of Hindi was
carried out in quarterly meetings of Official Language
Implementation Committee under the Chairmanship of CMD at
Corporate Office and Unit Heads at Units. During FY 2024-25,
HCL participated in the half-yearly meetings organized by the
Town Official Language Implementation Committee (PSUs),
Kolkata. The progressive use of Hindi is being reviewed regularly
at Board meetings. The Company's in-house journal “Tamralipi”
is published in Hindi and English languages and uploaded on the
Company's website as a digital magazine. All recruitment
advertisements were given in bilingual. Notices etc. are uploaded
on the Company's website in Hindi and English.

30. Business Responsibility and Sustainability Report

Pursuant to Regulation 34 (2) of SEBI (LODR), 2015, Business
Responsibility and Sustainability Report for FY 2024-25
describing various initiatives taken by the Company on social,
environmental and governance perspective, is available at the
website of the Company and can be accessed at
https://hindustancopper.com/Content/PDF/Business-
Responsibility-Sustainability-Report-2024-25.pdf

31. Annual Return

Annual Return pursuant to Section 92(3) of the Companies Act,
2013 is available at the website of the Company and can be
accessed at https://hindustancopper.com/Content/Admin/
FlatFile/Annual-Return-2024-25.pdf

32. Corporate Governance

Corporate Governance Report as per SEBI (LODR), 2015 is
given at Annexure-V forming part of this report together with
Certificate on Corporate Governance.

33. Number of meetings of the Board

During 2024-25, Eight Board meetings were held on 24.05.2024,

29.06.2024, 26.07.2024, 12.08,2024, 25.09.2024, 11.11.2024,
26.11.2024 and 08.02.2025.

34. Directors' Responsibility Statement

In terms of Section 134(5) of Companies Act, 2013, your
Directors confirm:

(i) That in the preparation of the Annual Accounts for the year
ended 31^st March, 2025 the applicable Accounting
Standards has been followed along with proper
explanations relating to material departures.

(ii) That such Accounting Policies have been selected and
applied consistently and made adjustments and estimates
which are reasonable and prudent so as to give a true and
fair view of the State of Affairs of the Company at the end of
31^st March, 2025 and of the Profit and Loss of the Company
for the FY 2024-25.

(iii) That proper and sufficient care has been taken for the
maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting
fraud and other irregularities.

(iv) That the Directors have prepared the Annual Accounts on a
going concern basis.

(v) That the Directors have laid down internal financial controls
to be followed by the Company and that such internal
financial controls are adequate and operating effectively.

(vi) That the Directors have devised proper systems to ensure
compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.

35. Declaration by Independent Directors

Independent Directors of the Company have given declaration to
the effect that they meet the criteria of independence as provided
under Section 149(6) of the Companies Act, 2013.

36. Familiarization Program for Independent Directors

On joining, Independent Directors are familiarized through
induction program / presentation with the overview of business,
operations, new projects and business model of the Company.
Visit to Units is also organized as per their convenience. They are
also updated on the changes / developments including in the
relevant statutory / regulatory requirements from time-to-time.
Detail of Directors' Training / Familiarization Program has been
hosted at the Company's website and can be accessed at
h t t p s : / / w w w. h i n d u s t a n c o p p e r. c o m / C o n t e n t / P D F /
Fam_Pro_Ind_Dir.pdf.

37. Opinion of the Board with regard to integrity, expertise
and experience (including the proficiency) of the
Independent Directors

In the opinion of Board, the Independent Directors of HCL are
person of integrity and possesses expertise and experience
required to discharge their duty.

38. Manner of Annual evaluation of Board sub-Committees
and individual Directors

HCL being a Government Company, performance evaluation of
its Directors and criteria of evaluation is decided and undertaken
by the Government of India.

39. Code of Conduct

The Company has in place a Code of Conduct applicable to the
Directors as well as Senior Management and the same has been
circulated to all concerned and posted at the Company's website
and can be accessed at https://www.hindustancopper.com/
Content/PDF/CC_Dir_Sr_Exe.pdf. All Board members and
senior management personnel have affirmed compliance of the
Code for the year ended 31^st March, 2025.

During FY 2024-25 following changes took place in the
composition of Directors and KMP:

Shri Sanjay Panjiyar ceased to be Director (Operations), HCL on
attaining the age of superannuation on 30.06.2024.

Shri Sanjiv Kumar Singh, then Director (Mining), HCL was
assigned additional charge of the post of Director (Operations)
w.e.f. 01.07.2024 in terms of Ministry of Mines Order No.
10/4/2019 mt. III (Pt.) Part(I) dated 27.06.2024.

Shri Annadevara Gurunadha Krishna Prasad and Shri Avinash
Janardan Bhide ceased to be part time non-official (Independent)
Directors, HCL on completion of their tenure on 02.11.2024.

Shri Rabindra Prasad Gupta, Ex-Director, Ministry of Mines
ceased to be part time official (Government Nominee) Director,
HCL on attaining the age of Superannuation on 28.02.2025.

Dr. Sanjeev Kumar Sinha, Deputy General Manager (DGM),
NMDC Ltd has been appointed as Director (Operations), HCL
w.e.f. the date of assumption of charge i.e, 09.03.2025 in terms of
Ministry of Mines Order No. Met.3-10/4/2023-Met.III dated

07.03.2025. Dr. Sinha has been also assigned additional charge
of the post of Director (Mining) w.e.f. 28.03.2025 in terms of
Ministry of Mines Order No. Met3-10/1/2020- METAL III dated

27.03.2025.

Dr. Ashish Saxena, Deputy Secretary, Ministry of Mines has been
appointed as part time official (Government Nominee) Director
w.e.f. 20.03.2025 in terms of Ministry of Mines Order No. F. No.
10/2/2002-Met.III dated 19.03.2025.

Smt. Hemlata Verma ceased to be part time non-official
(Independent) Director, HCL on completion of her tenure on

21.03.2025.

Shri Sanjiv Kumar Singh, then Director (Mining), HCL has been
appointed as Chairman and Managing Director, HCL w.e.f.
21.03.2025 in terms of Ministry of Mines Order No Met.3-
10/2/2022-Met.III dated 21.03.2025. Consequent upon joining of
Shri Sanjiv Kumar Singh as Chairman and Managing Director,
HCL Shri Ghanshyam Sharma, Director (Finance) ceases to hold
Additional Charge of the post of Chairman and Managing
Director, HCL w.e.f. 21.03.2025.

The Board places on record its appreciation for the valuable
services and contribution made by Shri Sanjay Panjiyar, Shri
Annadevara Gurunadha Krishna Prasad, Shri Avinash Janardan
Bhide, Shri Rabindra Prasad Gupta and Smt. Hemlata Verma
during their tenure on the Board.

41. Secretarial Audit Report

Secretarial Audit for FY 2024-25 has been carried out by M/s S
Basu & Associates, Practicing Company Secretaries, in
compliance with Section 204(1) of the Companies Act, 2013. The
Report of the Secretarial Auditor is enclosed at Annexure -VI to
this report. Additionally, in compliance with the requirements of
Regulation 24A of SEBI (LODR), 2015, the Annual Secretarial
Compliance Report has been submitted to the Stock Exchanges
within the prescribed timelines. With regard to observations of
Secretarial Auditor about composition of the Board, Audit
Committee, Nomination and Remuneration Committee,
Stakeholders Relationship Committee and Risk Management
Committee due to vacant post of Directors, it is stated that HCL,
being a Government Company and in terms of its Articles of
Association, appointment of all Directors on its Board is done by
the President of India through orders issued by the Ministry of
Mines, Government of India. The Company has no role to play in
the appointment process. The Company has requested the
Ministry of Mines, Government of India to fill up the vacant posts
of Directors and the matter is under consideration of the
Government.

42. Auditors

M/s. P.A & Associates, Chartered Accountants, Bhubaneswar
was appointed as Statutory Auditors to audit the accounts of the
Company for the year 2024-25 by Comptroller and Auditor
General of India (C&AG).

M/s Chatterjee & Co., Kolkata was appointed as Cost Auditor of

the Company for carrying out the Cost Audit of the mines and
plants of the Company in accordance with the provisions of
Section 148 of the Companies Act, 2013 and Companies (Cost
Records & Audit) Rules, 2014 as amended from time to time for
the year 2024-25.

43. Comments of C&AG

The comments of C&AG under the Companies Act, 2013 on the
accounts of the Company for the year ended 31^st March, 2025 are
annexed to this report.

44. Other Events after Balance Sheet date

Mining operations at Kolihan copper mines of Khetri Copper
Complex, Rajasthan has resumed on 10.04.2025 which was
temporarily suspended due to accident on 14.05.2024.

45. Appreciation

The Board of Directors wishes to place on record its sincere
appreciation for the dedicated efforts of all employees of the
Company during the year under review. The Board is also deeply
grateful for the continued guidance and support received from
the Ministry of Mines, various other Ministries and Departments
of the Government of India, and the State Governments of
Rajasthan, Jharkhand, Madhya Pradesh, Maharashtra, Gujarat,
and West Bengal. The Board further acknowledges the valuable
cooperation extended by the Company's bankers, customers,
and the office bearers of the recognized Trade Unions across
various Units and the Head Office. Lastly, the Board expresses
its heartfelt thanks to all shareholders and investors for their
unwavering trust and confidence in the Company.

For and on behalf of the Board of Directors

Sd/-

Sanjiv Kumar Singh

Pl_ace: K_olkata Chairman and Managing Director

Date: 07.08.2025 (DIN-09548389)