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India's KABIL nears lithium deals in Argentina, bolstering strategic mineral reserves
Industry News- Oct 04,23
India is on the verge of finalising agreements for five lithium blocks in Argentina, with an official from the Mines Ministry revealing that the deal is likely to be signed within the next few days.
India is on the verge of finalising agreements for five lithium blocks in Argentina, with an official from the Mines Ministry revealing that the deal is likely to be signed within the next few days. These agreements will be facilitated through KABIL, a State-owned joint venture comprising the National Aluminium Company (NALCO), Mineral Exploration Corporation (MECL), and Hindustan Copper (HCL). KABIL was established to identify, acquire, develop, and process strategic minerals overseas for India's use.
The official, who possesses direct knowledge of the matter, stated that extensive groundwork has been completed, and the process is now in its final stages. Argentina, a part of the renowned "Lithium Triangle" along with Chile and Bolivia, has agreed in principle to allocate lithium blocks for exploration to India. The specifics of the lease, whether through direct acquisition, long-term revenue sharing, or partnership agreements, are currently under negotiation.
India, one of the world's leading greenhouse gas emitters, has been actively seeking overseas partnerships to secure essential minerals in resource-rich countries such as Australia, Argentina, and Chile. In Argentina, KABIL is set to secure several lithium blocks, with discussions expected to be finalised in the coming month.
Apart from Argentina, KABIL is exploring collaborations and acquisition opportunities for lithium in other Latin American nations like Chile and Brazil. The venture is open to various structures, including partnerships, long-term leases of mines or lithium blocks, and investments in these mining operations. In Australia, KABIL has reportedly signed Memorandums of Understanding (MoUs) for the exploration of two lithium blocks and three cobalt blocks.
This strategic move is significant for India, a country heavily reliant on imports for major components used in lithium-ion cell manufacturing. In the fiscal year 2022-23, India's import bill for lithium-ion components amounted to Rs 23,171 crore, reflecting the nation's efforts to enhance its self-reliance in the production of these critical materials. KABIL is expected to remain at the forefront of India's endeavors to secure key minerals through international agreements, thereby bolstering the country's strategic reserves and reducing its dependence on foreign sources.
Source: Business Line
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