State-run Hindustan Copper Ltd (HCL) is moving forward with the acquisition of four copper blocks in Chile from state-owned Codelco, marking a significant step in India’s effort to secure critical mineral supply chains.
The company confirmed on Friday that transaction advisors have been appointed and are currently reviewing data, describing the progress as moving in a "positive direction."
The deal targets four specific blocks in Chile, a jurisdiction that holds some of the world’s largest copper reserves.
By pursuing this acquisition, HCL aims to bolster domestic production capacity and reduce India’s heavy reliance on copper imports, which are essential for the country’s expanding green energy infrastructure.
The move aligns with broader national strategies to secure raw materials for renewable energy projects and electric vehicle manufacturing.
Global copper markets remain tight, with major investment banks including Goldman Sachs reaffirming a positive outlook for the metal.
Analysts cite strong fundamentals and a growing pipeline of high-return projects as key drivers.