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Hindalco Industries Limited and state-owned Hindustan Copper Limited (HCL) today signed a Memorandum of Understanding (MoU) for long-term purchase and sale of copper concentrate produced by the latter.
With this partnership, the companies have moved towards import substitution, reducing the nation’s dependence on copper concentrate sourced from abroad.
“This agreement will help in utilising locally mined copper concentrate for domestic production of refined copper and it reduces the nation’s dependence on import of a critical metal,” the release quoted Satish Pai, managing director, Hindalco Industries Ltd as saying.
Hindustan Copper Ltd is the only producer of copper concentrate in India.
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