India-Peru copper investment is gathering momentum with conglomerate Adani and miner Hindalco Industries exploring opportunities in Peru's copper sector by acquiring stakes in existing mines or via joint ventures (JV), reported Reuters.
The move comes as India, the world's second-largest importer of refined copper, seeks to secure its copper supply chains amid rising demand and potential supply constraints.
Peru, the world's third-largest copper producer, is actively seeking new investment while negotiating a broader free trade agreement with India, the report said.
In 2024, Peru produced around 2.7 million tonnes (mt) of copper and attracted $4.96bn in foreign investment in the sector.
Copper is widely used in power lines, construction and manufacturing.
Peru's Ambassador to India, Javier Paulinich, was cited by Reuters as saying: "Birla (Hindalco) and Adani are trying to invest in Peru. We are willing to facilitate."
He noted that Adani sent a delegation to Peru earlier this year, and Hindalco has launched similar initiatives.
Referring to both Adani and Hindalco, Paulinich said: "They are in the first stage, trying to find out opportunities."
The Indian Government has urged domestic mining companies to invest abroad to safeguard copper supply chains and mitigate possible disruptions, a priority outlined in a policy document released in July.
According to the Ministry of Mines' Copper Vision Document 2025, India may need to source 91–97% of its copper concentrate requirements from overseas by 2047.
A top executive from Adani told Reuters last year that the group, led by Gautam Adani, plans to procure copper concentrates from Peru as well as Chile and Australia for its $1.2bn (Rs107.91bn) copper smelter, the world's largest single-site plant of its type.
Adani and Hindalco did not respond to any requests for comment, said Reuters.
India's copper imports rose 4% to 1.2mt in the fiscal year ending March 2025.
The government forecasts demand will reach 3–3.3mt by 2030 and 8.9–9.8mt by 2047.
In response, India has requested a detailed chapter on copper in its free trade negotiations with Peru to lock in a fixed volume of copper concentrate, according to Paulinich. He also added that discussions are ongoing.
