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Document from the government shows that India is looking to attract copper mining companies with overseas connections.

India announced a number of measures to increase the production of copper, including encouraging foreign companies to establish smelters in India in exchange for investing in state-owned mining operations overseas.

India, the second largest refined copper importer in the world, may need to import between 91% and 97% of its copper by 2047.

According to the document, despite an estimated 12,2 million metric tonnes of copper resources, only 16% are classified as reserves. This highlights limited domestic availability.

The government document stated that the growing demand for imports of concentrates requires diversification in supply and acquisitions of foreign assets. It also said this highlights the urgent need for strategic interventions to support the sector.

The document stated that India will include a copper chapter in its ongoing talks on a free trade agreement with Chile and Peru, to ensure securing standardized quantities of copper concentrate.

The document stated that "India's options for sourcing copper have been reduced due to the tightening of supplies from key exporters such as Indonesia and Panama." "Countries like Chile and Peru are committed to long-term relationships with global players such as Japan and China."

India imported 1.2 millions metric tons (tonnes) of copper during the fiscal year ending March 2025. This is 4% more than a year ago. Reporting by Rishika Sadam in Hyderabad and Neha arora in New Delhi. Editing by Janane Vekatraman, Harikrishnan Nair.

(source: Reuters)