HCL nears takeover of 4 copper blocks in Chile

State-run Hindustan Copper Ltd (HCL) on Friday said it was moving in a “positive direction” over the proposed takeover of four Chilean copper blocks from State-owned Codelco, with transaction advisors already appointed to study the data and regulatory issues being examined on both sides.

The development assumes significance as India seeks to secure critical raw materials for its green-energy transition and reduce reliance on imports for copper used in electrification and electric vehicles.

“The transaction advisors... are studying data and there are a lot of regulatory things not only this side but from that side as well... we are moving in the positive direction,” Hindustan Copper Ltd (HCL) Chairman & Managing Director (CMD) Anupam Misra told reporters on the sidelines of Ficci conference on ‘enhancing competitiveness of mining and metals’.

About prospects for copper demand and supply, the CMD said it was “anybody’s guess” and pointed to a persistent global gap between demand and supply.

“There is always a gap between demand and supply not only here but everywhere. So we are very small contributor to the refining sector. Only 5 per cent of the concentrate goes for us so for us enough demand is there and as far as the LME is there, it is supporting us so we are in good position,” he said.

Asked if the company was eyeing Navratna status, he said, “This is in the pipeline. Government takes its own time to do it.” Mines Secretary Piyush Goyal had earlier said HCL is in the “final stages” of taking over four copper blocks from Chile’s Codelco.

HCL, he had said, had initially planned to bid for one block but, after assessing India’s large copper requirement and limited domestic availability, the company decided to pursue four blocks in collaboration with other public sector undertakings.

The copper major is bidding jointly for these blocks along with NTPC Mining and Coal India Ltd (CIL).

Hindustan Copper is Mini-Ratna PSU under the administrative control of the mines ministry. HCL is the only company in the country engaged in copper ore mining and holds all the operating mining leases for copper ore in the country.