OIL & Hindustan Copper sign pact for exploration of critical minerals

New Delhi: Hindustan Copper Ltd (HCL) on Friday entered into an initial pact with Oil India Ltd for cooperation on exploration and development of critical and strategic minerals, including copper. The development comes at a time when the country is prioritising domestic production to reduce import dependency on China.

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State-owned Oil India Ltd (OIL) has a proven expertise in exploration, development, production and transportation of crude oil and natural gas.

"In a significant step towards strengthening India's self-reliance in critical and strategic mineral sourcing, Oil India Ltd and Hindustan Copper Ltd signed a Memorandum of Understanding (MoU) on September 19, 2025," HCL said in a statement.

HCL, a PSU under the mines ministry, is engaged in mining, production, processing and marketing of copper and related products.

It is focusing on mining and beneficiation of copper ore and selling of copper concentrate.

Hindustan Copper had earlier said that it plans to bid for critical minerals and rare earth element blocks along with other PSUs like Indian Oil Corporation Ltd (IOCL), GAIL (India) and RITES as part of its diversification strategy.

Engineering firm RITES Ltd had earlier signed an agreement with Hindustan Copper Ltd to jointly develop supply chains for metals and minerals, including critical minerals, in both domestic and international markets.

The partnership will focus on exploration, extraction, refining, and production activities in India and abroad.

Hindustan Copper is engaged in copper ore mining and holds all the operating mining leases for copper ore in the country.

The government has approved a Rs 16,300-crore National Critical Mineral Mission, with a total outlay of Rs 34,300 crore spread over seven years, aiming to achieve self-reliance and accelerate India's journey towards green energy transition.

Critical minerals such as copper, lithium, nickel, cobalt and rare earth elements are essential raw materials required to fuel the growth of rapidly growing clean energy technologies.

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