Representative image for copper.
Credit: iStock Photo
Hyderabad: India on Friday unveiled a series of steps to increase copper output, including encouraging foreign firms to set up smelters and refineries in the country in exchange for state-owned firms investing in their overseas mining operations.
The document, parts of which were first reported by Reuters last week, said India - the world's second-biggest refined copper importer - may have to import 91 per cent - 97 per cent of its copper concentrates by 2047.
Despite an estimated 12.2 million metric tons of copper resources, only 18 per cent are classified as reserves, highlighting limited domestic availability, according to the document.
The growing need for concentrate imports necessitates diversification of supply and foreign asset acquisitions, the government document said, adding that this underscores an urgent need for strategic intervention to support the sector.
As part of this, India plans to include a chapter on copper in the ongoing free trade pact talks with Chile and Peru to secure fixed quantity of copper concentrate, the document said.
"Tightening copper supplies from key exporters like Indonesia and Panama have reduced India's sourcing options," the document said. "Countries such as Chile and Peru have long-term commitments with global players like Japan and China."
India imported 1.2 million metric tons of copper in the fiscal year to March 2025, up 4 per cent from a year earlier.