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Oil India (OIL) has signed an MoU with Hindustan Copper (HCL) to explore and develop critical and strategic minerals, including copper. The move marks OIL’s push beyond oil & gas into the minerals game.
The deets: the agreement falls under the government’s National Critical Minerals Mission. OIL brings decades of exploration expertise, while HCL, India’s only integrated copper producer, handles mining and processing.
Together, they’ll target copper and related resources that are key for energy and tech.
Why it matters: critical minerals like copper are the backbone of EVs, renewables, and electronics. By collaborating, two PSUs are doubling down on India’s resource security, reducing import dependence, and strengthening supply chains.
For OIL, it’s a chance to diversify into a high-demand sector with long-term growth potential.
Big theme: India has quietly flipped from being a net exporter of copper to a net importer. Back in 2017–18, India exported nearly 379,000 tonnes, but by 2022–23, exports crashed to just 30,000 tonnes, while imports ballooned to 181,000 tonnes.
The reason was domestic production did not keep pace with rising demand. At 555,000 tonnes in 2022–23, output is still well below the 766,000 tonnes India managed five years ago. That gap has forced companies to rely on overseas suppliers, even as copper becomes critical for EVs, renewables, and electronics.
