The Mumbai-headquartered JSW Group stated on Monday that it plans to invest Rs 2,600 crore to develop and operate two copper mines as well as a copper concentrator plant in Jharkhand, marking its diversification and growth.
“With a planned investment of Rs 2,600 crore, this marks a significant milestone in strengthening India’s position in critical resources,” a JSW Group release stated.
Advertisement
The JSW Group has a significant presence across steel, energy, cement, infrastructure, paints, automobiles, defence, mining as well as venture capital.
The JSW Group’s release stated that it has expanded into the mining of non-ferrous metals by winning the mine operator and developer (MDO) contract of two blocks of copper mines in Jharkhand from state-owned Hindustan Copper Ltd (HCL).
JSW Group secured the contract through a competitive bidding process of the copper mines of HCL for 20 years and further extendable for next 10 years.
Under the terms of the agreement, JSW will be responsible for the development of mines through capital expenditure and operational management including installation of a concentrator plant of the same capacity.
In return, HCL will provide technical support and receive a percentage of the revenue generated.
“The project involves operationalising the two mines and setting up of a copper concentrator plant, with the total capital investment estimated to be Rs 2,600 crore,” the company release stated.
According to the release, the two copper mines will have a total ore capacity of 3 million tonnes per annum (MTPA) after a full-scale ramp up, sometime in the second half of 2026-27.
“The increasing demand for copper in sectors such as electric vehicles, renewable energy infrastructure, construction, electronics, telecommunications and healthcare presents a significant opportunity. India is currently a major importer of copper concentrate; therefore, by developing domestic copper resources, we aim to support the country’s industrial growth and reduce dependency on imports,” JSW Group’s Parth Jindal said.
