New Delhi: State-run Oil India Limited (OIL) and Hindustan Copper Limited (HCL) on Friday signed a memorandum of understanding (MoU) to cooperate in the exploration and development of critical and strategic minerals, including copper, and associated resources.
According to the official press release, the MoU aims to support the objectives of the government’s National Critical Mineral Mission, which focuses on securing resources essential for energy security, clean energy transition, and advanced technologies.
The agreement was signed and exchanged in the presence of OIL Chairman and Managing Director Ranjit Rath and HCL Chairman and Managing Director Sanjiv Kumar Singh, along with senior officials of both companies.
Copper is considered one of the 30 critical minerals identified by India, with applications in power infrastructure, electric vehicles, renewable energy systems and defence manufacturing.
According to industry estimates, India’s copper demand is expected to double by 2030, driven by clean energy transition targets, including 500 GW of non-fossil fuel capacity. The collaboration between OIL and HCL is expected to strengthen domestic exploration, reduce import dependence, and secure long-term supply of strategic minerals.
OIL, a Maharatna PSU under the Ministry of Petroleum and Natural Gas, is primarily engaged in exploration, development, production and transportation of crude oil and natural gas. The company has diversified into the critical minerals segment, reflecting the growing importance of such resources in global supply chains.
HCL, a Miniratna PSU under the Ministry of Mines, is the country’s only integrated copper producer. It undertakes mining, beneficiation of copper ore, and production of copper concentrate. With India’s copper demand rising steadily in sectors like renewable energy, electric mobility and electronics manufacturing, HCL has been expanding its capacity and operations.
