New Delhi, May 31 -- MUMBAI: Lloyds Metals and Energy Ltd is using copper to reduce its reliance on iron ore and India, as the company expands into steel and overseas mining assets in a bid to become a diversified global mining and metals player.

"We aim to produce 100,000 tonnes of finished copper cathode and concentrate over the next five years across two locations, creating a business that could generate nearly $1.3 billion in revenue," managing director Rajesh Gupta told Mint on the sidelines of an international iron ore conference in Goa on 19 May.

"It's still a smaller part of the business, but a very essential part of the business, because it's also de-risking from one commodity or one location," Gupta said.

The strategy centres...