Hindustan Copper scouting for copper, critical mineral assets in India and overseas; eyes Chile for global push
Hindustan Copper
Ltd (HCL) is ramping up efforts to expand its presence in copper and critical mineral exploration, both in India and globally, amid growing demand for strategic metals. The company has formed a dedicated internal team to carry out due diligence and identify prospective domestic and international mineral blocks, a senior official told ET EnergyWorld.
'Our long-term strategy is to ensure mineral security by expanding our footprint beyond India and tapping into geographies with large resource bases,' the official said. 'This includes participating in upcoming auctions in India and evaluating development opportunities overseas.'
Chile, the world's top copper producer, has emerged as a key focus in HCL's overseas plan. A five-member delegation from Chile's state-run copper major
CODELCO
is currently visiting India until July 11 to explore cooperation opportunities under a bilateral agreement signed earlier this year. Led by CODELCO's Director of South Chile & International Explorations, Angelo Giovanni Giuseppe Aguilar Catalano, the delegation is visiting multiple HCL units to assess operational capabilities, examine workflows, and review technology readiness. According to officials, the Chilean team will submit an interim assessment report on July 10 based on their on-ground observations.
The visit is part of the follow-up to a memorandum of understanding (MoU) signed between HCL and CODELCO in April, in the presence of Prime Minister Narendra Modi and Chilean President Gabriel Boric Font. The MoU aims to facilitate deep exploration, value addition, and technical collaboration in copper mining and development.
'This partnership with CODELCO is strategically significant,' said Sanjiv Kumar Singh, Chairman and Managing Director of Hindustan Copper. 'It is structured to focus on deep exploration by leveraging CODELCO's global expertise to locate deeper ore bodies and enhance our internal technical capacity. We are also evaluating the possibility of forming a joint venture for copper block development in Chile.'
The Chilean delegation includes specialists from multiple domains—Jose Ramom Abatte Perez (Innovation & Technology), Carlos Abelardo Vilches Donoso (Tailing Management), Jorge Luis Espindola Landa (Geotechnical Engineering), and Sergio Jonathan Pichott Heriquez (Geometallurgy)—who are conducting technical assessments across HCL's key mining operations.
On the domestic front, HCL is preparing to participate in the Ministry of Mines' upcoming auctions for copper, rare earths, and other critical mineral blocks. 'We are actively tracking the auction pipeline and will evaluate each opportunity based on geological viability and long-term strategic relevance,' the senior official said.
India's refined copper consumption stood at about 1.3 million tonnes in FY24 and is expected to double to nearly 2.6 million tonnes by 2030. This surge is driven by demand from sectors such as renewable energy, electric vehicles, electronics, construction, and grid expansion.
'Copper is going to be a key enabler of India's clean energy ambitions and digital infrastructure,' Singh said. 'To meet this challenge, we are expanding our production footprint and also working to increase our reserve base, which currently stands at around 750 million tonnes as of 2024.'
As part of its ongoing capacity expansion, HCL has committed ₹2,000 crore to increase its ore output from 4 million tonnes per annum (MTPA) to 12.2 MTPA by FY31. The company is also reviving key
mining projects in Jharkhand
and Rajasthan to boost domestic supply and reduce import dependence.
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