India to send industry delegation for copper mining opportunities in Zambia
- The Mines Ministry of India has suggested sending a joint industry delegation to Zambia to discuss potential copper exploration and mining projects.
- Notable companies expressing interest include Vedanta, Hindustan Zinc, Ola Electric, and lithium-ion battery recycler LOHUM.
Zambia's Copper Reserves and Importance
- Zambia holds approximately 6% of the world's copper reserves and was the eighth-largest copper producer in 2022.
- Copper is vital in various industries, including construction, consumer durables, transportation, and clean energy technologies such as solar panels and electric vehicles.
Joint Working Group (JWG) Meetings
- The second meeting of the Joint Working Group (JWG), established under a memorandum of understanding (MoU) between the Ministries of Mines in India and Zambia, is set to take place in Zambia.
- The goal is to facilitate collaboration in mineral resources between the two countries.
Recent Developments
- In December 2023, met with the High Commissioner of India to Zambia to explore possibilities of expanding bilateral cooperation in the mining sector.
- KABIL has also signed an agreement with a state-owned company in Argentina for lithium exploration.
Indian Presence in Zambia's Copper Mining
- India currently has a limited presence in Zambia's copper mining sector.
- Vedanta, in control of Konkola Copper Mines (KCM), plans to invest over $1.2 billion in Zambia to increase copper output.
- Other investors in Zambia's copper include Canada-based First Quantum Minerals and China's CNMC.
Growing Indian Demand for Copper
- Domestic copper demand in India grew by 16% in FY2022-2023, with a 32% increase in demand for copper in clean energy technologies.
- Limited domestic supply has led Indian mining companies to consider overseas acquisition of copper mining blocks.
Prelims Takeaway
- Coppers
- Map based questions