Adani, Hindalco seek Peru copper assets as demand surges

Conglomerate Adani and miner Hindalco Industries are exploring investments in Peru’s copper sector, either through joint ventures or by taking stakes in existing mines, a senior Peruvian diplomat told Reuters.

Peru, the world’s third-largest producer of copper used in sectors such as power lines, construction and manufacturing, is courting new investment as it negotiates a broader free trade agreement with India.

“Birla (Hindalco) and Adani are trying to invest in Peru. We are willing to facilitate,” Javier Paulinich, Peru’s Ambassador to India, told Reuters in New Delhi.

Peru produced about 2.7 million metric tons of copper in 2024 and attracted $4.96 billion in foreign investment in the sector.

Anticipating a surge in demand and potential supply shortfalls, India, the world’s fastest-growing major economy, has urged its mining companies to invest overseas to secure copper supply chains and manage possible disruptions, according to a government policy document published in July.

India, the world’s second-biggest importer of refined copper, may have to source 91%-97% of its copper concentrate requirements from overseas by 2047, according to official estimates.

Adani sent a delegation to Peru earlier this year, Mr. Paulinich said, adding that Hindalco has initiated similar efforts.

“They are in the first stage, trying to find out opportunities,” he said, referring to both Adani and Hindalco.