Oz identifies 5 mines of lithium, cobalt for India - Times of India
strategic minerals in the anticipated goal of reducing dependence on foreign imports. India's endeavor of seeking crucial minerals abroad has experienced a degree of triumph, as Australian officials have identified a minimum of five mines rich in essential minerals. This initiative aims to mitigate reliance on external sources for these valuable resources.
Khanij Bidesh India, a government-controlled company, is spearheading the endeavors for Indian organizations.
The government official stated to TOI that the assets acquired by KABIL, a collaboration between state-owned NALCO, Hindustan Copper, and Mineral Exploration Corporation, consist of both explored resources and some with identified reserves. Among these resources are lithium and cobalt, which are considered critical minerals essential for India's energy transition. The mines ministry, along with KABIL and Australia's Critical Minerals Office, have been working together to ensure a steady supply of these important minerals.
The collaboration between India and Australia kickstarted shortly after the onset of the Covid-19 pandemic, as they embarked on a joint endeavor, alongside Japan, to construct a robust supply chain and decrease their reliance on China. The Economic Cooperation and Trade Agreement (ECTA) amplified these efforts, bolstered by financial support from KABIL and the Critical Minerals Office. The partnership is anticipated to progress even further with the implementation of a comprehensive free trade agreement (FTA), which will involve deliberations regarding a dedicated section on critical minerals.
expressed the government's interest in exploring corresponding possibilities in Mongolia, Argentina, and Chile, with a particular focus on copper and lithium reserves. It was just this week that the commerce secretary highlighted the administration's intention to pursue comparable chances in Mongolia, Argentina, and Chile, specifically eyeing minerals such as copper and lithium.
India is currently engaged in talks about the potential for free trade agreements with Peru and Chile. The primary motive behind these discussions is to safeguard India's valuable strategic position by securing access to vital minerals. In order to achieve this, efforts are being made to establish the necessary infrastructure for processing these minerals, taking into account China's dominant position in this field. The government intends to invite laboratories to express their interest in developing technologies capable of effectively processing these minerals for use in battery production. India has identified a total of 30 crucial minerals that it aims to explore and extract within its own borders, as well as beyond them.
The latest revisions to the Mines and Minerals (Development and Regulation) Act are expected to boost the mining industry in India, particularly among small-scale miners who are primarily involved in exploration and development. Authorities have expressed a strong commitment to promoting domestic mining, noting that India's expenditure on mining is significantly lower than that of Canada, which stands at around $2 billion, and Australia, which exceeds $1 billion.
