Hindustan Copper CMD Anupam Misra.
Global benchmark copper prices are expected to remain above the $14,000-per-tonne mark, while Hindustan Copper’s cost discipline will ensure the financial viability of its expansion plans, Chairman and Managing Director Anupam Misra told The Hindu in an exclusive interaction.
Mr. Misra said the current surge in copper prices was largely driven by a widening demand-supply gap. Global copper demand is currently estimated at about 28 million tonnes, against supply of around 23 million tonnes.
“That kind of a gap exists [between supply and demand]. Therefore, benchmark prices [at the London Metal Exchange] are going to be above $14,000 per tonne,” he said.
At the time of writing, benchmark copper prices were trading 0.05% higher than the previous close at $14,508.85 a tonne.
Cost discipline
Mr. Misra said Hindustan Copper’s earnings before interest, taxes, depreciation and amortisation (EBITDA) margin currently stood at more than 50%, implying that its costs were below 50% of revenue.
“That means my costs are about 45% to [less than] 50%. So, even if benchmark prices go down, I will continue to be profitable. Therefore, I am not bothered whether [benchmark] prices fall or not,” he said.
His comments assume significance as the company has outlined a capital expenditure programme of more than ₹7,000 crore over the next five to six years and expand its mining capacity to 12.2 million tonnes per annum (MTPA).
“There are some places where we are doing modernisation, places where we are adding capacity, and [in some places] we may be replacing old equipment. All these activities are happening simultaneously,” Mr. Misra said.
He expects unit costs to decline further as production scales up.
The Kolkata-headquartered miner has also set intermediate milestones towards its 2030 targets to keep the expansion programme on track.
“This is to ensure there are no slippages, so that we do not get any surprise by 2030,” he said.
The expansion will primarily rely on brownfield development at its Khetri, Kolihan and flagship Malanjkhand mines, alongside further exploration.
Public sector leads exploration
Mr. Misra said exploration to strengthen India’s resilience amid evolving global copper dynamics was being driven largely by public-sector entities, with limited private-sector participation.
Mining projects typically have long gestation periods of 15 to 18 years, he said, making exploration less attractive to private players, who tend to prefer developed or producing mines.
Chile project may take time
Hindustan Copper is also pursuing the acquisition of four copper blocks in Chile, the world’s largest copper-producing country. At present, because of the regulatory requirments on both sides, it may take some time, “but yes, we are working on it,” Mr. Misra said, adding the next step entails 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 added.
Published – October 08, 2026 09:23 pm IST
