Breaking: JSW Acquires Hindustan Copper Mines in Jharkhand, Expanding into Non-Ferrous Metals
Breaking: JSW Acquires Hindustan Copper Mines in Jharkhand, Expanding into Non-Ferrous Metals

Breaking: JSW Acquires Hindustan Copper Mines in Jharkhand, Expanding into Non-Ferrous Metals

  • 27-Dec-2024 10:15 PM
  • Journalist: Nina Jiang

The Sajjan Jindal-led JSW Group has made a significant entry into the non-ferrous metals industry by adding copper to its metals portfolio. This strategic move paves the way for the conglomerate to explore diverse consumer applications, including electronics, telecommunications, and healthcare. According to Mint, JSW won a competitive bid against Hindalco Industries to secure two copper mines in Jharkhand from state-owned Hindustan Copper. The agreement entails JSW managing mine development, capital expenditure, and operations, while Hindustan Copper provides technical support and receives a share of the generated revenue.

As reported by Mint, the growing demand for copper in sectors such as electric vehicles (EVs), renewable energy grids, construction, and home appliances, positioning this venture as a critical step. India’s status as a net importer of copper underscores the strategic importance of this development. Mint further noted that captive copper production would enable JSW to achieve backward integration with its EV and battery manufacturing initiatives, enhancing synergies across its operations.

In the interim, before its copper smelter becomes operational, JSW plans to sell the mined ore in both domestic and export markets. The newly acquired mines, with a combined capacity of 3 million tonnes per annum (MTPA), will be managed by SouthWest Mining, a JSW subsidiary with expertise in mining operations. However, the mines are pre-MPPA (mining plan and project approval) and are expected to take at least two years to operationalize.

Mint explained that a pre-MPPA mine is in the exploration or early development phase, with formal approvals required for compliant operation. Regulatory approval is critical for ensuring adherence to environmental, safety, and legal standards.

The JSW Group, which boasts India’s largest steelmaking capacity, is also exploring diversification into other metals like aluminum and copper, driven by the increasing demand for these resources due to the global trend of electrification. According to Mint, copper extracted from the Jharkhand mines will eventually supply JSW’s planned smelter. While the timeline and location of the smelter are yet to be finalized, the venture is expected to reduce India’s reliance on imported copper and boost the country’s export potential.

JSW’s diversification into copper mining reflects its commitment to meeting the rising demand for critical metals and advancing its position in emerging sectors like renewable energy and electric mobility. Mint emphasized that this strategic move aligns with the company’s broader goals of self-sufficiency and market leadership.

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