Hindustan Copper-Codelco talks target Chile mines in 2025

Talks move into the “final stages”

State-run Hindustan Copper Limited (HCL) is in the “final stages” of taking over four copper blocks from Chile’s state-owned miner CODELCO, according to Mines Secretary Piyush Goyal. He told media in New Delhi that HCL was initially expected to bid for one block in Chile, but went ahead and bid for four. The proposed overseas push comes as India’s copper demand rises with infrastructure buildout and electrification. The discussions have also been framed as part of a broader effort to expand India’s access to critical minerals and mining expertise.

Joint bidding with NTPC Mining and Coal India

The mines secretary said HCL is bidding jointly for these blocks along with NTPC Mining and Coal India Limited (CIL). While the article does not disclose the financial terms, it indicates the proposed arrangement is progressing toward an agreement with CODELCO. The statement also suggested that multiple blocks are under evaluation, not a single asset. Separately, other updates around the same discussions indicate the structure being explored could be a joint venture where HCL would hold a substantial stake, subject to approvals by senior government authorities.

India’s copper export ambition in focus

Goyal also said he is confident India will become a net exporter of copper by the next year. That comment places the Chile discussions in the context of India’s longer-term supply strategy, where imported copper and concentrate have been key inputs for the economy. The report does not provide a production or export forecast to support the claim, but it highlights the policy intent behind overseas resource access. For investors, the significance is that government-owned HCL is being positioned as a vehicle for upstream security and global partnerships.

Advanced-stage JV discussions and possible acquisition

Business Today TV sources cited in the article said HCL is in active discussions with CODELCO for a potential copper mining partnership, and that the talks have reached advanced stages. Officials familiar with the matter told the publication that the companies are likely to form a joint venture, with HCL holding a “substantial stake,” once cleared by top government officials. Another update in the same set of reports adds that HCL is assessing an acquisition of two copper mines in Chile via a joint venture with CODELCO, with talks for one of the mines said to be in an advanced stage. The government is assessing the investment and the size of HCL’s stake in the proposed JV.

December Chile visit to review mines and ore grades

An HCL delegation is scheduled to visit Chile in December to review copper ore grades and production potential, the article said. Officials cited by the publication said the engineers’ team will explore at least two mines or two untapped “virgin blocks” during the visit. The purpose is framed as operational due diligence, including assessment of copper grades and viability for scaling production. Another detail in the reports is that CODELCO has offered five blocks to HCL for consideration, though the immediate site review is expected to cover fewer locations.

MoU groundwork: knowledge-sharing and technology exchange

The talks build on a prior knowledge-sharing arrangement between HCL and CODELCO. The article references a Memorandum of Understanding (MoU) signed in April 2025, focused on sharing knowledge and best practices for exploration, mining, mineral beneficiation, and employee training and capacity building. Elsewhere in the same compilation of reports, the MoU timing is also described as June 2025, again with a focus on knowledge sharing and technology exchange. In either description, the MoU is positioned as a foundation for deeper collaboration that could expand into a joint venture for copper asset development in Chile, depending on progress and mutual interest.

HCL reserves and the 2030-31 capacity plan

HCL currently holds about 2.05 million tonnes of reserves in terms of copper metal, and total reserves and resources of 7.21 million tonnes in terms of copper metal, the report said. The company plans to increase its mining capacity from a current level cited as around 4.0 million tonnes per annum to 12.2 million tonnes per annum by FY 2030-31. The planned growth route includes expansion of existing mines, re-opening of closed mines, and opening of new mines. In other parts of the same set of reports, HCL’s current output/capacity is cited at around 3.47 million tonnes, indicating that different references are being used in public reporting. The potential CODELCO partnership is presented as supportive of HCL’s 2031 target and the government’s Critical Mineral Mission.

Industry backdrop: demand outlook and critical minerals

On the demand side, India’s refined copper consumption stood at about 1.3 million tonnes in FY24 and is expected to double to nearly 2.6 million tonnes by 2030, according to the report. That demand trajectory is one reason overseas assets and technical partnerships are drawing policy attention. The article also notes that HCL has formed an internal team to conduct due diligence and identify prospective mineral blocks in India and abroad. Domestically, HCL is preparing to participate in upcoming Ministry of Mines auctions for copper, rare earths, and other critical mineral blocks.

Key facts at a glance

What to watch next

Near-term milestones are the December Chile visit and the completion of technical and commercial assessments of the blocks or mines on offer. The next formal step would be clarity on the joint venture structure and the “substantial stake” that HCL may acquire, which the report says is under government assessment. Any definitive outcome will also depend on approvals from senior government authorities, as indicated by officials quoted in the report.