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India plans global partnerships, investments to counter copper supply risk
India has held internal talks about its growing vulnerability to the tightening global copper market and plans to discuss ways to lock in supply from resource-rich countries during ongoing trade negotiations, according to two government sources and a draft government policy document.
New Delhi is also considering measures to help boost domestic refined copper output, including through foreign investment, the sources and the document said.
India meets over 90% of its copper concentrate needs through imports, and its dependency is expected to rise to 97% by 2047, said the document reviewed by Reuters. It produces an estimated 573,000 metric tons of refined copper annually against demand of around 1.8 million tons, relying on imports to bridge the gap.
India could approach global majors such as Chile's state-owned miner Codelco, the world's largest copper producer, and Australian miner BHP to set up domestic copper smelters and refineries, said the sources and the document.
Codelco declined to comment, while BHP and the federal Ministry of Mines did not respond to Reuters' emails seeking comments.
Indian state firms could invest in overseas mining projects run by Codelco and BHP in exchange for participating in the development of copper infrastructure in India, said the sources, who asked not to be named because the plans were not public.
India's copper imports have jumped since the 2018 closure of Vedanta's Sterlite Copper smelter. The country imported 1.2 million metric tons of copper in the fiscal year to March 2025, up 4% from a year earlier.
'RESOURCE NATIONALISM'
Explaining the strategies likely to be adopted in bilateral trade pacts, the document stated that India is seeking to include a detailed "copper chapter" in its ongoing free trade negotiations with Chile and Peru aimed at securing copper concentrate supplies.
While tightening copper supplies from key exporters such as Indonesia have limited India's sourcing options, Chile and Peru already have long-term commitments with major global buyers like China, further narrowing India's import choices, it said.
The government also wants the state-run Khanij Bidesh India Ltd to secure supplies of strategic minerals from overseas and explore copper assets in Chile, Peru, Australia, Mongolia, and other countries, the document said.
India could also become more vulnerable to supply chain disruptions as leading suppliers of mineral resources resort to "resource nationalism", it said.
China placed export restrictions on rare earth elements in April, squeezing supply of minerals used in weapons, electronics and a range of consumer goods.
This trend underscores "an urgency for foreign asset acquisition", the document said.
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