In a move aimed at securing India’s mineral resources and reducing reliance on imports, state-owned Hindustan Copper Ltd (HCL) and Oil India Ltd (OIL) have signed a Memorandum of Understanding (MoU) for the exploration and development of critical and strategic minerals, including copper.
The pact aligns with the government’s National Critical Mineral Mission, which seeks to ensure a stable supply of essential raw materials for the nation’s energy security, industrial growth, and technological advancement.
Hindustan Copper, a “Miniratna” public sector enterprise under the Ministry of Mines, specializes in mining and processing copper. Oil India, a “Maharatna” under the Ministry of Petroleum & Natural Gas, has proven expertise in exploration. The collaboration will leverage these complementary strengths to build a comprehensive value chain, from exploration to refining.
The signing ceremony was attended by top officials from both companies. “This collaboration between HCL and OIL represents a crucial milestone in India’s pursuit of mineral security,” said a joint statement from the companies.
The development follows HCL’s earlier announcement of its strategy to diversify by bidding for critical mineral and rare earth element blocks with other Public Sector Undertakings (PSUs) such as Indian Oil Corporation Ltd (IOCL), GAIL (India), and RITES. HCL had previously partnered with engineering firm RITES to develop supply chains for metals and minerals both domestically and internationally.
Critical minerals like copper, lithium, nickel, and rare earth elements are vital for modern technologies, especially those driving the global clean energy transition, such as electric vehicles and renewable energy infrastructure. The government’s ₹16,300-crore National Critical Mineral Mission aims to achieve self-reliance and accelerate India’s green energy goals.
