India expands global partnerships for critical minerals acquisition: Pralhad Joshi

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India expands global partnerships for critical minerals acquisition: Pralhad Joshi

India expands global partnerships for critical minerals acquisition: Pralhad Joshi

Industry News
Dec 15,23

Notably, Argentina, possessing the world's third-largest lithium reserves, and Australia, a major producer of potash and lithium, are key targets for these efforts.

India expands global partnerships for critical minerals acquisition: Pralhad Joshi

Pralhad Joshi, the Union minister for mines, announced that the Ministry is establishing collaborative partnerships, both multilateral and bilateral, with various nations to secure crucial minerals. Responding in writing to a query in the Rajya Sabha, Minister Joshi revealed that Khanij Bidesh India Ltd (KABIL), a state-run entity, is actively engaging with state-owned organisations in foreign countries. This initiative, facilitated by the Ministry of External Affairs and Indian embassies, particularly focuses on acquiring mineral assets, with an emphasis on special and critical minerals. Notably, Argentina, possessing the world's third-largest lithium reserves, and Australia, a major producer of potash and lithium, are key targets for these efforts.

KABIL, a joint venture involving National Aluminium Company, Hindustan Copper, and Mineral Exploration and Consultancy Ltd, was established with the primary goal of ensuring a consistent supply of critical and strategic minerals to the Indian market.

Minister Joshi highlighted the ministry's active participation in the Mineral Security Partnership (MSP) and other multilateral/bilateral collaborations with various countries to meet India's critical mineral demand. He noted that during India's G20 presidency, the ministry successfully included critical minerals in the G20 New Delhi Leaders' Declaration, recognising their significance in the global energy transition.

India joined the Mineral Security Partnership in June, during Prime Minister Narendra Modi's visit to the US. The MSP comprises 13 countries and the European Union, aiming to stimulate public and private investment in critical mineral supply chains. In July, the mines ministry compiled a list of 30 minerals critical for the country based on a committee's recommendations.

These critical minerals, including tin, molybdenum, graphite, and nickel, serve vital roles in aerospace, construction, electronics, home decor, steel alloys, pigments, batteries, lubricants, electric vehicles (EVs), solar panels, and various other applications. India's heightened focus on critical minerals aligns with its ambitious plans for energy transition and strengthening the domestic manufacturing sector. While China currently dominates the critical and rare earth mineral supply chain, India, along with other MSP countries, aims to diversify its sources.

Source: Mint