Billionaire Sajjan Jindal-led JSW Group has ventured into the non-ferrous metals sector by winning a Mine Operator & Developer (MDO) contract for two copper mines in Jharkhand from Hindustan Copper Limited (HCL). The project involves operationalizing the two mines and setting up a copper concentrator plant, with an estimated capital investment of Rs 2,600 Crores. The mines are expected to have an ore capacity of 3 MTPA and become partly operational by the second half of the financial year 2026-27.
This move marks JSW Group’s expansion into a new business, as it has previously ventured into the paint market and automobiles. The copper mining business will see JSW compete with established players such as Hindalco and Sterlite. The MDO contract was secured through a competitive bidding process and has a tenure of 20 years, with an option to extend for another 10 years.
Under the agreement, JSW will be responsible for developing the mines through capital expenditure and operational management, including the installation of a concentrator plant. In return, HCL will provide technical support and receive a percentage of the revenue generated. JSW Group sees significant opportunities in the increasing demand for copper in sectors such as electric vehicles, renewable energy infrastructure, construction, electronics, telecommunications, and healthcare.
The company aims to support India’s industrial growth and reduce the country’s dependence on copper imports by developing domestic copper resources. With the JSW Group’s entry into the copper mining business, the country’s copper production is expected to increase, and the demand for copper is likely to be met domestically, reducing the reliance on imports.