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India and Sri Lanka are in talks to acquire graphite mines in the island nation. Since graphite is the most widely used material for anodes in lithium-ion and other batteries and the demand for it is rising continuously.
The Indian government and government of Sri Lanka had discussions on acquiring graphite mines there, according to the sources. However, the sources refused to give further details stating that the talks are at very preliminary stage. The graphite found in Sri Lanka is of very good quality.
Graphite features on the list of 30 critical minerals, which was released by the government last year. The government had recently said that public sector companies Coal India, NMDC and ONGC Videsh Ltd (OVL) will start looking actively for critical mineral assets overseas. OVL is the overseas investment arm of state-owned Oil and Natural Gas Corporation. These public sector enterprises already have some kind of presence abroad.
Meanwhile, Khanij Bidesh India Ltd (KABIL), a joint venture of three public sector enterprises, was formed to scout for mineral assets overseas. KABIL is owned by three public sector undertakings -- National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL).
India is looking for tie ups with Chile for getting access to copper and lithium mineral assets in the country. Critical minerals such as copper, lithium, nickel and cobalt are important components in rapidly growing clean energy technologies -- from wind turbines and electricity networks to electric vehicles.
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