SEPTEMBER, 20259HINDUSTAN COPPER, OIL INDIA SIGN PACT TO EXPLORE CRITICAL MINERALHindustan Copper Ltd (HCL) and Oil India Ltd (OIL) formally signed a Memorandum of Understanding (MoU), to collaborate in exploring and developing critical and strategic minerals, including copper. The MoU is a major step toward India's self-reliance in mineral sourcing, given OIL's expertise in the exploration, development, production, and transportation of crude oil and natural gas, in conjunction with HCL's focus on copper mining, beneficiation, and marketing.The agreement is complementary to government's initiative for reducing dependency on China for critical raw minerals important for clean energy technologies. HCL, a public sector undertaking under the Ministry of Mines, and the only vertically integrated copper producer in India, has all the operational copper ore mining leases in India.The collaboration will focus on exploration, extraction, refining, and production activities domestically and internationally, and will aid Rs 16,300-crore National Critical Mineral Mission (NCMM). The NCMM is a seven-year project amounting to a total outlay of Rs 34,300 crore is to enhance India's transition to green energy through procuring essential mineral supplies like copper, lithium, nickel, cobalt and rare earth minerals.HCL had earlier mentioned that it would be looking to bid for critical mineral and rare earth blocks along with PSUs such as Indian Oil Corporation Ltd (IOCL), GAIL (India), and RITES. In fact, RITES had previously signed an agreement with HCL to support the development of supply chains in metals and minerals for the domestic and international market. This MoU with OIL supports HCL's strategy of diversifying, while innovating in sustainable commercial mining, and contributing to India's economic security, in the face of growing demand for green technologies. IMR TOP STORIES· HCL, OIL sign MoU for critical minerals exploration, including copper.· Aims to cut import reliance, supports National Critical Mineral Mission.· Leverages OIL's expertise for domestic, international mining activities.
< Page 8 | Page 10 >