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Market Chatter: Hindustan Copper Eyes Codelco Mines to Feed Adani, Hindalco Demand

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Hindustan Copper (BOM:513599, NSE:HINDCOPPER) plans to supply copper concentrate from Chilean miner Codelco's assets to domestic producers Hindalco (BOM:500440) and Adani Enterprises' (BOM:512599, NSE:ADANIENT), as India's demand for the metal surges, Reuters reported Tuesday, citing sources familiar with the matter.

The company is also reportedly exploring a Codelco joint venture for mining and sales.

In April, India's mines secretary said Coal India (BOM:533278, NSE:COALINDIA) and NTPC Mining are in talks for additional copper blocks, Reuters reported.

Hindustan Copper had signed a preliminary deal with Codelco last year, followed by a non-disclosure agreement and the appointment of a deal advisor in May, the news outlet said.

Hindustan Copper, Hindalco and Codelco did not immediately respond to' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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