Hindustan Copper CMD Anupam Misra.
Global benchmark prices are expected to stay above the $14,000 per tonne-mark though Hindustan Copper’s cost-discipline would primarily ensure that its expansion plans remain financially viable, Anupam Misra, Chairman and Managing Director of the state-owned miner told The Hindu in an exclusive interaction.
Mr. Misra further underlined that the presently soaring benchmark prices of copper are largely a consequence of a demand and supply gap. He explained, at present, the global demand for copper is about 28 million tonne whilst the supply is about 23 million tonne.
“That kind of a gap exists [between supply and demand]. Therefore, benchmark prices (that is, at the London Metal Exchange) is going to be above $14,000 per tonne,” he explained.
At the time of writing, benchmark prices of copper were trading 0.05% higher over their previous close at $14,508.85 per tonne.
Cost-discipline
Mr. Misra informed at present Hindustan Copper’s earnings before interest, taxes, depreciation and amortisation (EBITDA) margin was more than 50%.
“That means my costs are about 45% to [less than] 50%. So, even if the benchmark prices go down, I will continue being profitable. Therefore, I am not bothered if the [benchmark] prices fall or not,” he explained.
The Hindustan Copper chief’s comments are of much significance considering the company has outlined plans about a capex spend of more than ₹7,000 crore over the next five to six years as they seek to expand their mining capacity to 12.2 MTPA.
“There are some places where we are doing modernisation, places where we are adding the capacities, and [in some places] we may be replacing old equipment. All these activities are happening simultaneously,” he explained.
Mr. Misra further expects costs to further slip downwards as they scale up production.
The Hindustan Copper chief further stated that the Kolkata-headquartered miner has also set some intermediate milestones in the run-up to their 2030 targets.
“This is to ensure there are no slippages so that we do not get any surprise by 2030,” he said.
According to the CMD, the expansion would be primarily hinging on expansion of brownfield mines, that is, Khetri, Kolihan and its flagship Malanjkhand mines; alongside further explorations.
Exploration primarily led by public-sector
In response to a query about India’s potential strategy to strengthen their resilience in the broader global dynamics, Mr. Misra mentioned that exploration activities are being primarily pursued by public sector-entities and not the private sector.
He explained mining by their very nature entail longer gestation periods, of about 15 to 18 years, deters private participation who then go on to seek matured mines.
Chile project may take time but work ongoing
Mr. Misra informed that the Hindustan Copper was also working on acquiring four blocks in Chile, which is the world largest-copper producing country.
“At present, because of regulatory issues on both sides, it may take some time but yes, we are working on it,” he informed, adding that the next steps entail forming a joint venture in India and in Chile.
“There may be other partners who would be willing to participate, thus, the objective of having a joint venture in India is to diversify the risk,” he explained.
Published – October 08, 2026 09:23 pm IST
