India will auction domestic copper mines in the next 2 years to contain imports of copper

- Nov 22, 2017-

A India mining minister Arun Kumar recently held in New Delhi: "India in the next two years will be Khetri in Rajasthan area copper auction, in order to reduce the growth of consumption and imports of copper due to dependence."

Arun Kumar says the auction copper mine capacity is expected to be 20-30 tons. India relies heavily on imported copper products, while profits are very low."

India is the seventh largest producer of copper in the world. Since 2012, demand has increased by an average annual rate of 6.7%. India aluminum Hindalco CEO JC Laddha said that the average consumption of copper materials in India is about 2000-2300 tons, and the per capita consumption is 0.5 kg.

India's demand for copper comes mainly from electricity, cars and electric cars, railways, durable consumer goods, solar energy and electronics. Laddha said: "by 2025, nearly 10 million electric vehicles, which means that the world will have more than 1 million 200 thousand tons of copper demand increments.". In addition, solar and wind power projects will also bring additional demand of about 5 million tons.

In order to curb rising copper imports, Laddha called on the government to reconsider free trade agreements to reduce barriers to downstream products and raise tariffs.

When asked whether the Ministry of Mines plans to reconsider the free trade agreement, Kumar's view is contradictory. He said, "the increase in imports will help downstream producers become more competitive.". It is necessary to find a balance point. Excessive imports need to be considered, but healthy growth is not a problem."

Kumar also said that the government is drafting the new mineral policy in December 31st will be released in 2008 to replace the policy framework for more stringent restrictions on illegal mining.