EV and renewable energy push to increase domestic copper demand: Hindustan Copper MD
The push for
renewable energy
and
electric vehicles
is expected to boost domestic consumption of copper, according to Sanjiv Kumar Singh, chairperson and managing director of
Hindustan Copper Ltd
(HCL).
Singh told ET on Tuesday that HCL is eyeing greenfield exploration blocks in Chhattisgarh, Rajasthan and Jharkhand.
'Rising
copper demand
, arising out of renewable energy and electric vehicles, is expected to boost copper consumption,' he said.
HCL is targeting roughly 15-20% higher
copper ore
annual production at around 4 million tonnes for 2025-26.
The company on Tuesday reported Rs 467.42 crore consolidated net profit for 2024-25, 58% higher than 2023-24 levels.
On copper price trends, Singh said Indian domestic copper prices have been on an upward trend. 'Prices have fluctuated over the past year, with notable highs and lows, but the overall trajectory suggests a rebound in line with global trends,' he said.
The average London Metal Exchange (LME) price in 2023-24 was $8,362 per tonne. It rose by 12% to $ 9,370 per tonne in 2024-25.
Sector watchers predict copper prices will continue to rise due to constrained mine supply and growing demand from EVs.
'Some analysts expect copper prices could reach new highs, potentially breaching the $10,000-per tonne mark, if trade tensions ease and global economic growth continues,' Singh said, adding that HCL's product is directly linked to LME.
'HCL is ramping up its mining capacity to 12.2 million tonnes per annum (mtpa) with significant expansions at its all three mining unit,' he said.
HCL recently restarted the Surda Copper Mine and awarded mine development operator (MDO) contract on revenue share for production of 3 mtpa copper ore from its Rakha Copper Mine, Singh said.
On net zero plans, Singh said HCL has surpassed its emission reduction target for 2024–25. 'This was possible by achieving over 5% average annual green-house gas (GHG) emission reduction by commissioning a 6.5 MW solar power plant.'
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