Hindustan Copper, Oil India Sign Pact to Explore Critical Minerals

New Delhi – Hindustan Copper Limited (HCL) and Oil India Limited (OIL) on Friday signed a memorandum of understanding (MoU) to jointly explore and develop critical and strategic minerals, including copper and its associated resources.

The collaboration aims to boost India’s self-reliance in sourcing key minerals essential for energy security, industrial growth, and advanced technologies.

HCL, a Miniratna PSU under the Ministry of Mines, is engaged in copper mining, processing, and marketing, with a focus on beneficiation and copper concentrate sales. OIL, a Maharatna PSU under the Ministry of Petroleum and Natural Gas, is a leading integrated oil and gas company that has recently diversified into the critical minerals sector to complement its energy portfolio.

The MoU was exchanged in the presence of HCL CMD Sanjiv Kumar Singh, OIL CMD Dr. Ranjit Rath, and senior officials from both companies.

According to the Ministry of Mines, the partnership aligns with India’s National Critical Mineral Mission and marks an important step in securing strategic mineral resources.

Earlier this month, the Union Cabinet approved a ?1,500 crore incentive scheme under the mission to enhance recycling capacity for critical minerals from e-waste, used batteries, and end-of-life vehicles. The initiative is expected to build 270 kilo tonnes of annual recycling capacity, produce 40 kilo tonnes of minerals, attract ?8,000 crore in investments, and generate about 70,000 jobs.

Critical minerals, often described as the “oil of the 21st century,” are scarce, highly strategic, and central to modern economies.

With inputs from IANS