India should focus on stepping up copper exploration to cut imports

Kolkata: It is imperative for India to focus on exploration of copper to meet the growing demand and reduce dependence on imports.

Nearly 90 per cent of the country’s total demand for copper amounting to close to Rs 88,000 crore is met through imports at present.

HCL contributes to around 5 per cent of the total demand with the remaining coming from recycling, Ghanshyam Sharma, CMD, Hindustan Copper Ltd, said.

Hindustan Copper is looking to ramp up capacity to 12 million tonne from the current 4 million tonne in the next three-to-four years to meet the growing demand.

“Copper is highly versatile and its unique physical and chemical properties remains unchanged and it is recyclable. The per capita consumption of copper in India is very low at around half a kg as against 3 kg in major parts of the world. Demand for copper is increasing as new developments in technology are taking place and copper is required for electric vehicles and EV chargers. Nearly Rs 88,000 crore of copper was imported by

India. Close to 90 per cent of copper is being imported, HCL contributes only 5 per cent of requirement and balance through recycling in economy. It is very much imperative that we focus on exploration of copper in the country because there is a good demand,” Sharma said at the 2nd edition of Minerals and Mining Conclave 2024 organised by Assocham in the city

on Friday.