Oil India Limited and Hindustan Copper Limited (HCL) have teamed up in a big way to explore and develop critical minerals like copper and others that India desperately needs. On Friday, the two companies signed a memorandum of understanding (MoU) to work together on this front, aiming to boost India’s self-reliance in strategic minerals.
This partnership is a smart move to secure India’s supply of these vital resources. Hindustan Copper Limited, a Miniratna public sector unit under the Ministry of Mines, handles everything from mining copper ore to processing and selling copper concentrate. Meanwhile, Oil India Limited, a Maharatna PSU from the Ministry of Petroleum and Natural Gas, is a top player in crude oil and natural gas exploration, production, and transport. Now, Oil India is branching out into critical minerals to support its energy business and meet the rising demand.
The MoU signing happened in the presence of HCL’s Chairman and Managing Director Sanjiv Kumar Singh, Oil India’s Chairman and Managing Director Dr Ranjit Rath, and other top officials from both sides.
The Ministry of Mines called this a “crucial milestone” for India’s mineral security. It fits perfectly with the government’s National Critical Mineral Mission, helping secure resources that power energy security, industrial growth, and tech innovations.
Just earlier this month, the Union Cabinet greenlit a Rs 1,500 crore incentive scheme under the same mission. This plan focuses on ramping up recycling of critical minerals from sources like e-waste, old lithium-ion batteries, and scrapped vehicle parts. It will support new and existing recyclers to create 270 kilo tonnes of annual recycling capacity, produce 40 kilo tonnes of critical minerals, draw in about Rs 8,000 crore in investments, and create around 70,000 jobs. The goal? Build a stronger supply chain and cut down on imports.
Critical minerals are like the new oil of the 21st century – rare, super important, and in high demand worldwide. They form the backbone of modern economies, from electric vehicles to renewable energy tech. This collaboration between Oil India and HCL could be a game-changer for India’s push towards self-sufficiency in these key resources.
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