India's Copper Reservoir: A Treasure Trove of Untapped Value
India has an enormous untapped pool of copper that can offset expensive imports. The country's copper demand is soaring, and it imports over 90% of its concentrate requirements. However, there is a massive reservoir of copper trapped in old cables and electronics.
The informal sector in India is highly efficient at direct remelting, but the country severely lacks advanced secondary refining capacity to upgrade complex, contaminated e-waste into high-purity metal.
As of FY21, India had around 15 million tonnes of copper actively in use, embedded in power grids, vehicles, air conditioners, computers, and telecom cables. The country's copper demand is projected to grow to 3-3.3 million tonnes by 2030 and 8.9-9.8 million tonnes by 2047.
India produces very little copper ore domestically, making it reliant on imports. However, the secondary copper can provide a much-needed cushion for costs, even if it cannot fully replace primary copper.