JSW to Establish 0.5 MMT Copper Smelter in India, Odisha by 2028-29

JSW Group, India's steel-to-power conglomerate, plans to build a 500,000 metric ton copper smelter in the eastern state of Odisha by 2028/29, using copper concentrate from Peru and Chile as feedstock, according to the reports.

JSW declared in January that it would expand into the copper industry by investing Rs 2,600 crore ($301.22 million) to run two copper mines owned by Hindustan Copper for 20 years, with a possible 10-year extension.

The group now plans to construct its own smelter facility in Odisha, increasing capacity to 1 million metric tons by 2033/34, with an estimated investment of Rs 12,000 crore.

With this expansion, JSW will face competition from the group led by Indian billionaire Gautam Adani, who constructed the largest single-location copper smelter in the world in Gujarat, a state in western India.

JSW intends to feed the copper produced at the smelter into its planned electric vehicle and battery manufacturing facilities. Hindustan Copper will supply some of the concentrates. 

Pankaj Kumar, the CEO of JSW's copper business, will travel to Chile early next month to meet with suppliers about potential copper concentrate deals, according to a report.

India, which relies on copper imports to meet shortfalls, has identified copper as one of 30 critical minerals for 2023 as part of its green energy transition efforts.

India has identified copper as one of 30 essential minerals for 2023 as part of its efforts to move toward green energy. India relies on copper imports to meet its shortages.

India has been importing more copper ever since Vedanta's Sterlite Copper smelter, which produced roughly 400,000 metric tons of copper, closed in 2018.

An estimated 555,000 metric tons of refined copper are produced in India annually, while over 750,000 metric tons are consumed domestically. India imports about 500,000 metric tons of copper annually to make up the difference.

Industry estimates indicate that by 2030, the nation's copper demand will have doubled due to New Delhi's push for clean energy and electric vehicles, among other initiatives.