Hindalco Industries has indicated that India will be able to stop relying on imported copper by 2023 with the introduction of new smelters and recycling facilities. According to the Managing Director, Satish Pai, there is ample opportunity for domestic production capacity to expand and provide greater access to recycling, thereby significantly boosting India’s copper supply. In fact, since India now ranks among the world’s largest importers of refined copper, these opportunities could enable the country’s economy to grow rapidly, driven by rising demand for refined copper in electric vehicles, renewable energy, commercial construction, and power generation.
Hindalco has made plans to expand its copper operations by investing in and enhancing operations in smelting, recycling and sourcing raw materials. In addition to this goal, they want to establish sourcing of copper concentrate from India for the next few years, while a significant amount of copper concentrate will continue to be sourced from outside India for the foreseeable future. Industry experts believe that the need for companies to become self-sufficient in copper is a critical factor as a result of the geopolitical risks now associated with global supply chains, along with increased competition for critical minerals from around the world. The energy transition technologies, such as Solar Power Systems, batteries, and electric grid infrastructure, require copper as an essential building block for development.
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These statements are made at a time when India has been placing increasing importance on securing its mineral supply chain and reducing its dependence on imported or foreign sources for strategic minerals. The Government of India’s policies have fostered new investment in mining operations, the recycling of copper materials, and the growth of domestic manufacturing capabilities. Greater domestic copper production will enable greater contributions to India’s Industry, whilst shielding India from the risks of price fluctuating in International markets. Hindalco’s statement emphasises the ever-increasing importance of copper as part of India’s national development strategy.
