Hindustan Copper Eyes Global Push, Explores Assets in Chile, India

• HCL is partnering with Chile’s CODELCO for global copper exploration and tech exchange.
• ₹2,000 crore investment to triple ore output and bid for new mineral blocks.
• Copper use in India is set to double by 2030, driven by EVs and clean energy.

Hindustan Copper Ltd (HCL), a public sector enterprise, is ramping up copper and critical mineral exploration in the country and globally due to the demand for strategic metals. There is a dedicated internal team conducting due diligence and identifying blocks that could become viable mines in the country and other jurisdictions.

The official said, "Our long-term strategy is to ensure mineral security by expanding our footprint beyond India and tapping into geographies with large resource bases. This includes participating in upcoming auctions in India and evaluating development opportunities overseas".

Chile—the largest producer of copper in the world—has quickly become the focal point of HCL's global strategy. A delegation of five from CODELCO (Chile’s state-run copper producer) has been in India from June 28 to July 11, to identify opportunities for collaboration under an agreement signed earlier in 2023.

Sanjiv Kumar Singh, Chairman and Managing Director of Hindustan Copper said, "This partnership with CODELCO is strategically significant. 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".

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CODELCO's delegation is coordinated by Angelo Giovanni Giuseppe Aguilar Catalano, Director of South Chile & International Explorations; and they are in India to assess HCL's organizational and technological capacity. An interim report will be available based on their findings by July 10.

The delegation visit arises from an MoU signed in April of this year between HCL and CODELCO in the presence of Prime Minister Narendra Modi and Chilean President Gabriel Boric Font, which revolved around deep exploration and technical collaboration, and includes experts for the delegation in innovation, tailings management, geotechnical engineering, and geometallurgy.

"Copper is going to be a key enabler of India’s clean energy ambitions and digital infrastructure. 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", added Sanjiv Kumar Singh.

On the domestic front, HCL intends to partake in the future mineral auctions and pledged ₹2,000 crore to increase ore production to 12.2 million tonnes per annum by FY31. India's copper demand anticipated to multiply rather than just double by 2030 due to green energy and infrastructure growth.