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Public sector initiatives (PSUs)are preparing a coordinated plan to protect vital mining assets abroad. Khanij Bidesh India Ltd. (KABIL), National Mineral Development Corporation (NMDC), ONGC Videsh Limited (OVL), and Coal India Ltd. (CIL) would be searching for critical minerals, said a high-ranking government official.
PSUs with abroad offices will be given preference for obtaining essential minerals in nations where they already have a presence, union mines secretary V L Kantha Rao told reporters outside of a workshop. CIL is already exploring lithium deposits in Chile, while NMDC operates in Australia. In order to secure critical minerals abroad, National Aluminium Company Ltd. (Nalco), Hindustan Copper Ltd. (HCL), and Mineral Exploration and Consultancy Ltd. (MECL) founded a joint venture called KABIL.
In January this year, it gained exclusive exploration rights for five lithium blocks in Argentina. Lithium is a key component in producing batteries essential for various industries, including electric vehicles. In Australia, India is carrying out feasibility studies at five Lithium and Cobalt projects.
India has reached out to key critical mineral producers to bring processing technology into the country in April this year. The move came close on the back of the government rolling out auctions of critical mineral mines. In June 2023, India, for the first time, defined its own list of 30 critical minerals. It was also stated that international commitments towards reducing carbon emissions require the country to urgently review its mineral requirements for energy transition and net-zero commitments. Critical minerals such as cobalt, graphite, lithium, and rare earth elements (REE) are key for manufacturing components of EVs and are used in new-age developments for defence, agriculture, energy, pharmaceutical, and telecom, among other sectors.
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