New Delhi: In a major step towards strengthening India’s self-reliance in critical and strategic minerals, Oil India Limited (OIL) and Hindustan Copper Limited (HCL) signed a Memorandum of Understanding (MoU).
The agreement aims to cooperate and collaborate in the exploration and development of critical and strategic minerals, including copper and associated minerals.
The MoU was signed and exchanged in the presence of Ranjit Rath, Chairman and Managing Director of OIL, and Sanjiv Kumar Singh, Chairman and Managing Director of HCL, along with senior officials from both companies.
Strengthening Self-Reliance in Critical Minerals
OIL, a Maharatna Public Sector Undertaking (PSU) under the Ministry of Petroleum & Natural Gas, is a premier integrated oil and gas company with expertise in exploration, development, production, and transportation of crude oil and natural gas.Â
Recognising the growing importance of critical minerals for energy security and technological advancement, OIL has diversified into this sector alongside its existing oil and gas operations.
HCL, a Miniratna PSU under the Ministry of Mines, is India’s only integrated copper producer. The company focuses on mining, production, processing, and marketing of copper and related products and is currently expanding its efforts in mining and beneficiation of copper ore.
This collaboration supports the objectives of the National Critical Mineral Mission and marks a significant milestone in ensuring secure access to strategic mineral resources vital for India’s energy and industrial future.
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