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Oil India Limited (OIL) and Hindustan Copper Limited (HCL) have signed a Memorandum of Understanding (MoU) to collaborate on exploration and development of critical and strategic minerals, including copper, the Press Information Bureau (PIB) reported on Friday. The partnership is aimed at reducing import reliance and strengthening India’s long-term mineral security. The agreement, signed in New Delhi on September 19, was exchanged in the presence of HCL Chairman and Managing Director Sanjiv Kumar Singh, OIL Chairman and Managing Director Dr. Ranjit Rath, and senior officials from both companies.

Hindustan Copper Limited, a Miniratna PSU under the Ministry of Mines, stands as India's sole copper producer. Its operations cover the whole value chain from mining to beneficiation and sales of ore and concentrate. The company boosts domestic supply helping to meet the country's growing need for copper. This metal serves as the foundation for many industries, including electrical gear clean energy setups, and cutting-edge manufacturing. Oil India Limited, a Maharatna PSU under the Ministry of Petroleum and Natural Gas, puts its efforts into finding and extracting crude oil and natural gas. As the demand for essential minerals grows, OIL is branching out into this area. This move aims to enhance its main business and back the government's plan to secure mineral resources.

Officials said the MoU aligns with the National Critical Mineral Mission, launched to secure supply chains of minerals considered indispensable for energy transition technologies, electronics manufacturing and strategic sectors. Copper, one of the focus minerals of this partnership, is central to renewable energy, electric mobility and grid modernisation.

The collaboration is expected to bring together technical expertise from both PSUs for joint exploration projects, resource development and long-term planning to strengthen India’s position in the global critical minerals market.

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Ankit Kumar is a Senior Sub Editor at Zee Business. He covers international affairs, politics, climate change, business, finance and global elections. With experience across digital med ...LATEST NEWSBy accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.