- 27 Dec 2024
- ICICI Securities
MEDIA ARTICLE SUGGESTS JSW STEEL WON A BID FOR TWO COPPER MINES
News: According to media sources, JSW Steel has successfully won a bid to acquire two copper mines in Jharkhand from Hindustan Copper. The combined capacity of these mines is estimated to be 3 million tonnes (MT). Under the agreement, the company will oversee the development of the mines and manage capital expenditure. These mines will be operated by the company's subsidiary, Southwest Mining.
Views: This marks the company’s entry into the copper segment, where domestic demand is projected to double from approximately ~1 MT in FY23 to ~2 MT in FY33. This growth is driven by sectors such as infrastructure, electric vehicles, and renewable energy. In the interim, the company plans to sell ore in the open market until it establishes its own smelting operations. We will closely monitor the company’s developments related to expansion and capital expenditure plans in this segment.
Impact: Positive