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

Ranchi, Jan 27 (PTI) The JSW Group said on Monday that it has forayed into non-ferrous mining and will invest Rs 2,600 crore in two copper mines in Jharkhand.

The USD 24 billion conglomerate won a Mine Operator and Developer (MDO) contract for two blocks of copper mines in Jharkhand from Hindustan Copper Ltd through competitive bidding.

"JSW Group, one of India's fastest-growing conglomerates, has made a significant expansion into the mining of non-ferrous metals sector by winning the MDO contract of two blocks of copper mines in Jharkhand from the state-owned Hindustan Copper Limited (HCL)," the company said in a statement.

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

"On full-scale ramp-up, the mines will have an ore capacity of 3 MTPA (million tonnes per annum). The mines are expected to become partly operational in the second half of the financial year 2026-27 (H2 FY'27)," the company said.

This strategic move marks JSW Group's entry into the mining of non-ferrous metal sector, in keeping with its vision to diversify and meet the increasing demand for essential metals across high-growth sectors.

The JSW Group secured the MDO contract through a competitive bidding process of the copper mines of HCL for 20 years and further extendable for the 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 a concentrator plant of the same capacity.

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

"Venturing into non-ferrous metals, particularly copper, is a strategic move for the JSW Group. The increasing demand for copper in sectors such as electric vehicles (EVs), renewable energy infrastructure, construction, electronics, telecommunications and healthcare presents a significant opportunity," Parth Jindal of JSW Group said.

He added: "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."

JSW claimed that its entry into the copper mining sector underscores its commitment to play a leading role in India's industrial growth and self-reliance on critical resources.

By developing domestic copper resources, JSW aims to support the nation's infrastructure development, technological advancement, and transition to sustainable energy solutions, the statement added.