State-owned Hindustan Copper Ltd (HCL) has engaged a transaction advisor to support its entry into Chile's copper belt and explore acquisition prospects. According to a filing to BSE, the company has executed a non-disclosure and confidentiality agreement (NDA) with CODELCO (Corporacion Nacional Del Cobre De Chile) and engaged the transaction advisor for entering the Chilean mining sector. The partnership aims to secure critical mineral assets globally through strategic acquisitions.
A team of HCL along with its MOU partners visited few exploration sites in Chile from April 20 to April 30, 2026 for site study of copper blocks. As reported by The Hindu BusinessLine, the work in this regard is currently under progress. CODELCO, the state-owned copper mining company of Chile, serves as the key partner in these exploration activities.
Mines minister G Kishan Reddy had earlier stressed India's commitment to strengthening cooperation with Chile in copper, lithium, and other critical minerals. According to the report, Chile's position as a global leader in copper and lithium production offers significant opportunities for Indian companies looking to secure access to these minerals through Greenfield and Brownfield mining projects. The development aligns with India's industrial growth and sustainable energy transition requirements.
The current development follows a memorandum of understanding (MoU) between HCL and CODELCO in the presence of Prime Minister Narendra Modi and President of Chile Gabriel Boric Font last year. As reported by The Hindu BusinessLine, the MoU focuses on sharing knowledge and best practices to facilitate exploration, mining, and mineral beneficiation, along with employee training and capacity building. A delegation of mining experts from Chile had earlier visited various units of Hindustan Copper to assess mining and operational aspects and explore opportunities for knowledge sharing.
Hindustan Copper Ltd (HCL) is a central public sector enterprise under the administrative control of the Ministry of Mines. According to the report, it is the only company in India engaged in copper ore mining and holds all the operating mining leases for copper ore in the country. The company's strategic expansion into Chile's copper belt represents a significant milestone in India's efforts to secure critical mineral resources globally.
