Hindustan Copper Courts Codelco for India's Copper Needs

India's copper demand is outpacing domestic supply by over 1 million metric tons per year, prompting Hindustan Copper to seek a partnership with Chile's state-owned copper giant Codelco.

The two companies have been working towards a deeper partnership since last year, with Hindustan Copper signing a non-disclosure agreement and hiring an advisor to explore deal options.

Any output from the potential joint venture would be sold to large domestic buyers such as Hindalco and Adani's Kutch Copper smelter in Gujarat, a $1.2 billion project.

The partnership could provide a dedicated supply line for India's copper needs, reducing exposure to spot-market shortages and price swings.