Copper policy: India needs to tap more copper reserves; report urges push for mining investment

India must urgently reform its mining policies to attract investment into copper exploration, as demand for the metal surges globally and at home, a new report has cautioned."Given the rising copper demand across the world and India's growing copper needs, India must explore and extract more copper, as large resources and reserves lie unexplored and hence not mined,” the Centre for Social and Economic Progress said in its report.It further added, “Policy reforms are urgently needed to attract investment in exploration and mining activities to ensure a favourable return on investment.”Stressing that the country is highly reliant on imports of the metal, these reforms will ensure a favourable return on investment, PTI cited the report.Copper is vital to the energy transition sector, used in everything from power grids and electric vehicles to modern construction and advanced manufacturing.Currently, India depends on imports to meet more than 50% of its copper requirements. The report, cited by PTI, also urged the government to streamline the mineral concession process, from auctions to statutory approvals and the start of operations, to cut down on delays and avoid bottlenecks."Under the current mining policy regime, India's geological potential remains under explored, coupled with a complicated auction regime and delayed statutory clearances, thus leading to a lack of new investments," it added.Hindustan Copper Ltd (HCL), the only domestic copper producer, continues to grapple with inefficiencies, keeping ore and concentrate output flat.Projections show India’s demand for copper will climb to 3.24 million tonnes by FY 2030, PTI reported. While construction, industry and electricity are expected to lead consumption, demand from the energy transition sector, though smaller at present, is expected to rise quickly.