The mine has been under care and maintenance since April 2013. The operations included mining and processing 1.4 million tons of ore from the Mammoth underground decline operation.

The company said in a statement: "As part of the strategic review of the company’s Mt Gordon operations, management is presently in negotiations with a third party for the potential divestment of 100% of the shares in Birla Mt Gordon.

"These negotiations may or may not conclude successfully, however the market will be informed appropriately if the Board takes any decision to enter into a binding sale agreement."

Hindalco Industries, which holds 51% stake in Aditya Birla Minerals, procures copper concentrates from the latter’s mines, reported Press Trust India.

Aditya Birla Minerals is engaged in exploration at the Nifty mine in Western Australia and Mt Gordon mine.

During the quarter ended September 2014, Aditya Birla Minerals reported an 80% and 98% drop in copper production and sales respectively, compared to the same period a year ago.

Earlier this year, the Department of Mines and Petroleum prohibited activities after a sinkhole incident. However, the production resumed during the July-September quarter.