New Delhi, India – State-owned Hindustan Copper is reportedly planning to facilitate the sale of copper concentrate from Chilean state miner Codelco’s operations to Indian industrial giants Hindalco and Adani, as India grapples with a significant and expanding disparity between domestic copper production and consumption. This move is part of a broader strategy by Indian companies to secure long-term access to vital mineral assets from distant international sources.
According to sources familiar with the matter, Hindustan Copper aims to address India’s surging demand for copper concentrate. Concurrently, Hindustan Copper is engaged in confidential discussions with Codelco to establish a joint venture focused on copper mining and sales. While the specific terms of this potential partnership are still under negotiation, the initiative underscores India’s proactive approach to bolstering its raw material supply chain.
The pursuit of Chilean copper assets by Indian firms has been gaining momentum. In April, India’s mining secretary indicated that Hindustan Copper, alongside Coal India and NTPC Mining, was in talks to acquire four copper mining blocks from Codelco. Hindustan Copper signed a preliminary agreement with Codelco in 2025 to explore collaborative opportunities in mineral exploration and mining. Furthering these efforts, the company entered into a non-disclosure agreement with Codelco in May 2026 and enlisted an adviser to support the potential deal.
Previously, Hindustan Copper had publicly denied negotiating a joint venture. The company has not provided recent comments on its current plans, and Codelco, NTPC Mining, and Coal India have also refrained from responding to inquiries.
India’s reliance on imported copper concentrate is projected to increase dramatically, potentially reaching 91–97% by 2047, according to government estimates. As the world’s second-largest importer of refined copper, India currently produces approximately 573,000 tonnes annually, while domestic demand stands at an estimated 1.8 million tonnes. This widening gap is compelling Indian enterprises to explore international avenues for securing raw materials.
Hindalco, a subsidiary of the Aditya Birla Group, is a major producer of aluminum and copper in India. The Adani conglomerate operates the Kutch Copper smelter in Gujarat, a $1.2 billion facility described as the world’s largest single-location plant of its kind. Both companies are positioned to benefit from a consistent supply of copper concentrate.
Due diligence on potential Codelco assets is ongoing, and Hindustan Copper has not ruled out the involvement of Coal India and NTPC Mining as partners in a prospective joint venture. A technical team from Hindustan Copper, accompanied by representatives from NTPC Mining and Coal India, visited Chile in early 2026. However, it is anticipated that actual mining and concentrate production could take approximately ten years to commence.
Further illustrating its commitment to securing copper supplies, India intends to include a dedicated chapter on copper in its ongoing free trade agreement negotiations with Chile, aiming to guarantee fixed volumes of copper concentrate for its industrial sector.
