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In FY2022-2023, domestic copper demand in India surged by 16%, with clean energy technology driving a 32% growth in copper demand. The Mines Ministry is proposing an Indian industry delegation's visit to copper-rich Zambia, aiming to explore potential copper projects. Mining giants like Vedanta and Hindustan Zinc, along with Ola Electric and LOHUM, are keen on joining the delegation for a joint working group meeting. Zambia, holding 6% of global copper reserves, attracted interest due to its mining potential.
The second meeting under a memorandum of understanding is set to enhance collaboration between India and Zambia in the field of mineral resources. The collaboration is crucial as copper finds applications in construction, consumer durables, transportation, and clean energy technologies such as solar panels and electric vehicles. China Nonferrous Mining Corporation (CNMC) is a major copper producer in Zambia, making it a key player in the global copper market. Stakeholder meetings emphasise the importance of a combined business delegation, including both public and private sectors, to ensure effective collaboration and outcomes between the two countries.
The move reflects India's strategic interest in securing copper resources and fostering partnerships in the evolving clean energy landscape.
While companies like Hindustan Zinc (35% owned by the Indian government) express interest in Zambian copper mining, Vedanta remains silent on expansion plans. Ola Electric's intentions in Zambia are unclear. However, LOHUM, a prominent Indian lithium-ion battery recycler, explicitly states no interest in Zambian copper mining. LOHUM aims to meet copper demand sustainably through recycling, prioritizing competitiveness and quality over mined sources. The purpose of LOHUM's inclusion in the industry delegation for the second JWG meeting between India and Zambia remains unexplained.
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