Hindustan Copper (HCL), India’s only integrated copper producer, is preparing to participate in the upcoming auction process for critical minerals and rare earth element (REE) blocks, scheduled to commence within the next two to three months. The company will collaborate with other public sector undertakings (PSUs) such as Indian Oil Corporation, GAIL (India), and RITES, as part of its strategic diversification initiative.

“We are going to participate in the auctions of mines that will be launched by the Ministry of Mines and State governments. We are working on that. We have already done a lot of due diligence of the blocks,” said Sanjiv Kumar Singh, Chairman and Managing Director of HCL. HCL is also exploring overseas acquisition opportunities for critical minerals and REEs in partnership with these PSUs. While the exact number of blocks it will bid for remains undecided, the company confirmed interest in both domestic and international opportunities beyond copper.

The government’s tranche V auction, launched in January, resulted in 10 of 15 critical mineral blocks being successfully auctioned. These included graphite, phosphate, rare earth elements, vanadium, potash, and halite. So far, 34 such blocks have been auctioned.