NEW DELHI— Hindustan Copper Limited (HCL) and Oil India Limited (OIL) signed a memorandum of understanding on Friday to collaborate on the exploration and development of critical and strategic minerals, including copper and associated resources, in a bid to boost India’s self-reliance in mineral sourcing.
HCL, a Miniratna public sector enterprise under the Ministry of Mines, is the country’s only integrated copper producer, with operations spanning mining, processing, and marketing. The company is currently focused on mining and beneficiation of copper ore and producing copper concentrate.
OIL, a Maharatna public sector company under the Ministry of Petroleum and Natural Gas, is primarily engaged in the exploration and production of crude oil and natural gas. In recent years, it has diversified into the minerals sector to complement its core energy portfolio, recognizing the growing strategic importance of critical resources.
The agreement was signed in the presence of Sanjiv Kumar Singh, Chairman and Managing Director of HCL, and Dr. Ranjit Rath, Chairman and Managing Director of Oil India, along with senior officials from both companies.
“The collaboration between HCL and OIL represents a crucial milestone in India’s pursuit of mineral security. Aligned with the objectives of the government of India’s National Critical Mineral Mission, this partnership will play a pivotal role in securing strategic mineral resources essential for the nation’s energy security, industrial growth, and technological advancement,” the Ministry of Mines said in a statement.
The pact comes just weeks after the Union Cabinet approved a Rs 1,500 crore incentive scheme under the National Critical Mineral Mission to build India’s recycling capacity for critical minerals. The initiative aims to develop 270 kilotonnes of annual recycling capacity, produce 40 kilotonnes of critical minerals, attract Rs 8,000 crore in investment, and create nearly 70,000 jobs by fostering both new and existing recyclers of e-waste, lithium-ion battery scrap, and end-of-life vehicle parts.
Critical minerals — often called the oil of the 21st century — are scarce, strategic, and essential for high-tech industries, renewable energy systems, and defense manufacturing. With global competition for these resources intensifying, India’s latest initiative reflects a broader effort to secure supply chains and reduce import dependence. (Source: IANS)
