Hindustan Copper Ltd exiting pact with Nalco

New Delhi: Hindustan Copper Ltd has decided to walk out of a pact with National Aluminium Co Ltd to jointly develop its Banwas copper mine in Rajasthan. It will now develop the mine on its own, chairman and managing diector Shakeel Ahmed said. The two companies, both under the central mines ministry, signed the pact on October 21, a week before Ahmed took charge. They had planned to convert itinto a joint venture in a month. The mines ministry, which had brokered the deal, saw synergy in Nalco’s surplus cash and Hindustan Copper’s unutilised, but rich mining assets. NW18