Indian conglomerate Adani Group and metals major Hindalco Industries are exploring investments in Peru’s copper sector, potentially through joint ventures or by acquiring stakes in existing mines, a senior Peruvian diplomat told Reuters. Peru, the world’s third-largest copper producer, is actively seeking new investment as it advances a free trade agreement (FTA) with India.
Peru’s Copper Output and Investment Landscape
Peru produced about 2.7 million metric tonnes of copper in 2024 and attracted $4.96 billion in foreign investment in the sector. Copper is a critical input for power infrastructure, construction, renewable energy, EV manufacturing, and industrial applications. Ambassador Javier Paulinich said Peru is ready to facilitate Indian investment and confirmed that delegations from both Adani and Hindalco have initiated early-stage exploratory visits.
India’s Strategic Push for Copper Assets
India, the world’s second-largest importer of refined copper, is increasing efforts to secure global copper supply amid expanding domestic demand. A government policy document in July highlighted the need for Indian companies to invest overseas to safeguard supply chains and mitigate potential shortages. India may have to source 91%–97% of its copper concentrate requirements from abroad by 2047, according to official estimates.
Adani’s Copper Smelter Expansion Strategy
A senior Adani executive previously told Reuters that the group plans to source copper concentrates from Peru, Chile and Australia for its $1.2 billion copper smelter, the largest single-location facility of its kind globally. The project aligns with India’s long-term demand for copper across clean energy, transport electrification and infrastructure.
FTA Negotiations Include Copper Supply Security
India has also proposed a dedicated copper chapter in its free trade discussions with Peru to secure fixed quantities of copper concentrate. Negotiations are progressing, with the next round scheduled for January and a potential conclusion targeted by May 2026.
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