Hindustan Copper Ltd likely to sign MoU with GAIL (India) Ltd to jointly explore critical minerals
Hindustan Copper Ltd is likely to sign an MoU with GAIL to jointly explore critical minerals, boosting India’s mineral and energy sector.
Hindustan Copper to collaborate with GAIL to explore critical mineral assets in India and abroad
India’s largest Copper producer, Hindustan Copper Ltd (HCL) is likely to sign a Memorandum of Understanding (MoU) with another PSU GAIL (India) Ltd for undertaking technical collaboration and joint exploration of critical mineral assets in India and foreign countries, as stated by Official sources. This proposal of agreement is subject to give boost to the core strengths of both PSUs in mining and energy infrastructure.
The signing of the memorandum of understanding will ease the cooperation in identifying and gauzing the prospective mineral blocks, including copper and critical minerals, both domestically and globally. According to the officials, this partnership is in line with the strategy to diversify and strengthen India’s critical mineral value chain.
This collaboration is sought to be a part of strategic efforts to boost alliance within the public sector companies to meet the increasing demands for strategic minerals which is part of energy transition technologies like, electric vehicles, solar panels and grid storage.
Earlier, the PSU company has signed several agreements which aims for critical minerals expansion. A recent MoU with Coal India Ltd has been signed to jointly explore and develop mineral blocks. Additionally, some more new agreements are also signed like with RITES Ltd, and Chile’s state-owned copper producer firm CODELCO in April.
Meanwhile, in a major move the company is currently implementing a Rs 2,000 crore expansion plan for robust ore production capacity from 4 million tonnes to 12.2 million tonnes by FY30.
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