JSW Group Invests Rs 2,600 Cr in Jharkhand Copper Mines

New Delhi, Jan 27 (PTI) JSW Group on Monday said it will invest Rs 2,600 crore to develop and operate two copper mines and set up a copper concentrator plant in Jharkhand.

The development marks JSW Group's foray into the copper business as part of its commitment to diversification and growth.

"With a planned investment of Rs 2,600 crore, this marks a significant milestone in strengthening India's position in critical resources," it said in a statement.

JSW Group said it has made a significant expansion into the mining of non- ferrous metals by winning the mine operator and developer (MDO) contract of two blocks of copper mines in Jharkhand from state-owned Hindustan Copper Ltd (HCL).

"The project involves operationalising the two mines and setting up of a copper concentrator plant, with the total capital investment estimated to be Rs 2,600 crore," it said.

On full-scale ramp up, the mines will have an ore capacity of three million tonne per annum (MTPA).

The mines are likely to become part operational in the second half of 2026-27.

JSW Group secured the contract through a competitive bidding process of the copper mines of HCL for 20 years and further extendable for next 10 years.

Under the terms of the agreement, JSW will be responsible for the development of mines through capital expenditure and operational management including installation of concentrator plant of same capacity.

In return, HCL will provide technical support and receive a percentage of the revenue generated.

"The increasing demand for copper in sectors such as electric vehicles, renewable energy infrastructure, construction, electronics, telecommunications and healthcare presents a significant opportunity. India is currently a major importer of copper concentrate; therefore, by developing domestic copper resources, we aim to support the country's industrial growth and reduce dependency on imports," Parth Jindal of JSW Group said.

With its headquarters in Mumbai, JSW Group has a significant presence across steel, energy, cement, infrastructure, paints, automobiles, defence, mining, venture capital and sports.