Reliant on imports to meet demand, India already planned to include a chapter on copper in the trade talks with the two South American countries to secure a fixed quantity of copper concentrate, according to a government document earlier this month.
India meets more than 90% of its copper concentrate needs through imports, and its dependency is expected to rise to 97% by 2047, the document said.
India is also working with trading partners to reduce dependence on China for critical minerals, the trade ministry source said.
China, which produces around 90% of the world’s rare earth magnets, in April put restrictions on their export as part of its response to U.S. tariffs.
India, which has the world’s third-largest car market and the fifth-largest reserves of rare earths, is working on a new programme to incentivise local magnet production, Reuters reported last month.
