New Delhi, April 2, 2025 – Chile’s state-owned mining company, Codelco, has signed a cooperation agreement with Hindustan Copper Limited, India’s state mining firm. The deal aims to enhance collaboration in mineral exploration and extraction by exchanging expertise and knowledge between the two companies.
The agreement was formalized during Chilean President Gabriel Boric’s state visit to India, where he met with Indian Prime Minister Narendra Modi. Speaking at a joint press conference at Hyderabad House, Boric emphasized the strategic importance of Chile’s copper, lithium, and molybdenum mining industries, especially amid global economic shifts and potential trade barriers.
Strengthening Bilateral Ties in Mining
The agreement focuses on improving the technical capacities of both companies in mineral identification, exploration, and exploitation. President Boric highlighted that such partnerships are crucial as Chile diversifies its economic strategy in response to shifting global trade policies.
Beyond mining, Chile and India also announced plans to initiate negotiations for a Comprehensive Strategic Partnership Agreement. This move aligns with Chile’s broader strategy to strengthen trade ties with key international partners.
Global Trade and Copper Market Implications
The agreement comes at a time when global trade dynamics are evolving. Chile, the world’s largest copper producer, exported over $50.8 billion worth of copper in 2024, with China (51.3%), the United States (11.3%), and Japan (11.1%) being the top buyers, according to the Chilean Central Bank.
Meanwhile, the U.S. government has initiated an investigation into its reliance on imported copper, which could lead to potential trade restrictions. In parallel, both Chile and India are closely monitoring upcoming tariff policies announced by the U.S. administration.
With these developments in mind, the Codelco-Hindustan Copper Limited partnership positions both countries to leverage their mining expertise while navigating potential disruptions in the global minerals market.