India to woo foreign copper miners, expand ties, gov't document shows
The government policy document, parts of which were first reported by Reuters last week, said India - the world's second-biggest refined copper importer - may have to import 91%-97% of its copper concentrates by 2047.
The country's copper imports rose 4% to 1.2 million metric tons in fiscal 2025. Demand is expected to climb to 3-3.3 million metric tons by 2030 and 8.9-9.8 million metric tons by 2047, the document said.
The document, which called for supply diversification and foreign asset acquisitions, also confirmed that India plans to promote investments by foreign companies, including Chile's state-owned Codelco and Australian miner BHP (BHP.AX), opens new tab, as part of its long-term focus by 2047.
Reuters had first reported, quoting sources with knowledge of the matter and the document, that India could likely approach the two companies to set up domestic smelters, refineries and other downstream industries.
Indian companies should also consider investing overseas to secure a steady supply chain and manage supply disruptions, the document added.
India plans to provide financial support such as capital investment subsidies and customs duty exemption on imported plants and machineries for building 4-5 million metric tons of new smelting and refining capacity in the long-run, the document said. It may also consider providing financial support to scrap processing facilities.
Despite an estimated 12.2 million metric tons of copper resources, only 18% are classified as reserves, highlighting limited domestic availability, according to the document.
Issues such as "resource nationalism, geopolitical tensions, declining ore grades," and a persistent lack of investment globally could "leave India with few viable options to source copper, even from major exporters like Australia, Chile, Peru and Zambia."
India plans to include a chapter on copper in the ongoing free trade pact talks with Chile and Peru to secure a fixed quantity of copper concentrate, the document said.
"Tightening copper supplies from key exporters like Indonesia and Panama have reduced India's sourcing options," the document said.
Additionally, the Indian government released a document outlining plans to boost aluminium output and said domestic demand is expected at 8.5 million metric tons by fiscal 2030.
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