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The Mines Ministry is seeking to guide and hand-hold Indian companies, both private and conglomerates- to acquire or secure off-take agreements for critical minerals overseas. Critical minerals include lithium, cobalt and copper, among others.
According to Ministry officials, minerals used largely for clean energy -such as those used in electric vehicles (EVs), energy storage requirements like batteries, and solar technology -would be preferred.
The Ministry has also suggested, subsidiaries of CPSEs be allowed to expedite acquisition processes. Several PSUs such as Coal India, NLC India Ltd and NTPC are looking to secure lithium, cobalt, and graphite assets overseas. NMDC, a CPSE under the Steel Ministry, is carrying out pre-feasibility studies for lithium in Australia.
In January, India made its first ever acquisition of five lithium blocks in Argentina through the state-owned Khanij India Bidesh Ltd (KABIL). About ₹200 crore is expected to be invested over a five-year period for exploration , commercial offtake and sale of lithium.
“This is one initiative by a PSU and with the Minister approving it, things moved fast. But there are other private companies. They all want to get into this (acquiring critical minerals overseas). We are encouraging that (across other PSUs),” an official said.
The Ministry will facilitate discussions and business meetings at government-levels for acquisition of such critical mineral blocks.
“For instance, there is one Indian company which is getting into EVs and has announced setting up a plant in one of the eastern States. They would be requiring lithium. So they are likely to go abroad for acquisitions, or look around to secure off-take agreements. We are encouraging such activities. Would facilitate meetings as and where required,” the official said.
“We are also meeting several of these private companies and trying to understand their requirements and make plans accordingly,” a second official added. Apart from Argentina, India had previously tapped Australia and Chile for lithium resources. While on Chile it is “currently going slow”, due diligence activities are being carried out in two blocks in Australia.
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