New Delhi, Sep 19 : In a significant development, Oil India Limited and Hindustan Copper Limited (HCL) on Friday signed a memorandum of understanding (MoU) to co-operate and collaborate for exploration and development of critical and strategic minerals including Copper and associated minerals.

The move is aimed at strengthening India's self-reliance in critical and strategic mineral sourcing.

Hindustan Copper Limited, a Miniratna PSU under the Ministry of Mines, is engaged in mining, production, processing, and marketing of copper and related products. The company is currently focused on mining and beneficiation of copper ore and the sale of copper concentrate.

Oil India, a Maharatna PSU under the Ministry of Petroleum and Natural Gas, is a premier integrated oil and gas company with proven expertise in exploration, development, production, and transportation of crude oil and natural gas. Recognizing the growing importance of critical minerals, OIL has diversified into this sector to complement its core energy portfolio.

The MoU was signed and exchanged in the presence of Sanjiv Kumar Singh, Chairman and Managing Director of HCL and Dr Ranjit Rath, Chairman and Managing Director of Oil India and senior officials of both the companies.

'The collaboration between HCL and OIL represents a crucial milestone in India's pursuit of mineral security. Aligned with the objectives of the government of India's National Critical Mineral Mission, this partnership will play a pivotal role in securing strategic mineral resources essential for the nation's energy security, industrial growth, and technological advancement,' said Ministry of Mines in a statement.

Earlier this month, the Union Cabinet approved a Rs 1,500 crore incentive scheme under the National Critical Mineral Mission (NCMM) to boost India's recycling capacity for critical minerals from secondary sources such as e-waste, lithium-ion battery scrap, and end-of-life vehicle parts.

By fostering both new and existing recyclers, the initiative aims to build 270 kilo tonnes annual recycling capacity, produce 40 kilo tonnes of critical minerals, attract around Rs 8,000 crore in investments, and generate nearly 70,000 jobs ' a strategic step to strengthen supply chain resilience and reduce import dependency, according to the government.

Critical minerals are fast becoming the oil of the 21st century, scarce, strategic, and fiercely contested. They are the building blocks of a modern economy.

/IANS