Critical minerals push: Hindustan Copper to bid for critical minerals with IOCL, GAIL and RITES, plans Chile foray
Hindustan Copper Ltd (HCL) plans to bid for critical mineral and rare earth element (REE) blocks in collaboration with state-run energy and transport giants such as Indian Oil Corporation Ltd (
IOCL
), GAIL (India) Ltd and RITES as part of its diversification strategy, its top executive said.
HCL Chairman and Managing Director Sanjiv Kumar Singh told PTI in an interview that the Miniratna central PSU is preparing to enter into non-binding agreements with IOCL and GAIL for joint participation in upcoming mineral auctions.
'Hindustan Copper will participate in the auctions which will be coming up not only for copper blocks but also for blocks pertaining to critical minerals and rare earth minerals,' Singh said.
'We plan to tie up with PSUs on a case-to-case basis to bid for those blocks.'
The company is also exploring international opportunities and plans to enter into a pact with Coal India Ltd for copper and critical minerals exploration in Chile, Singh said, adding that an internal team is already in place to conduct due diligence and shortlist potential blocks, PTI reported.
Earlier this month, HCL signed an agreement with RITES Ltd to jointly develop supply chains for metals and minerals, including critical minerals, in both domestic and international markets.
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The collaboration will cover exploration, extraction, refining and production activities, as well as participation in mineral block auctions and mining infrastructure development.
HCL, the only vertically integrated copper producer in India with mining operations, currently operates copper mines at Malanjkhand in Madhya Pradesh, Khetri in Rajasthan and Ghatsila in Jharkhand.
On the financial front, the company posted its highest-ever revenue from operations at Rs 2,070.97 crore in FY25, up 21% from Rs 1,717 crore in FY24. Profit before tax rose 54% year-on-year to Rs 633.51 crore, while profit after tax climbed 42% to Rs 468.53 crore.
Singh said the company remains focused on the exploration, mining and beneficiation of copper ore to produce and sell copper concentrate, which provides better profitability amid dynamic market conditions.
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