NEW DELHI: Honey Videsh India Ltd (KABIL), a joint venture of state-run miners, has made India’s first overseas foray. lithium exploration and mining A transaction involving 5 blocks ArgentinaThis has launched New Delhi’s search for critical minerals abroad to loosen China’s stranglehold on key elements of the energy transition.
Coal and Mines Minister Prahalad Joshi said after the signing: “This agreement will help India strengthen its lithium supply while developing both countries’ lithium mines and downstream sectors. It will also help India achieve its global net zero goal. “This will facilitate the diversification of supply chains for critical materials.” Monday’s agreement.
According to the U.S. Geological Survey, total global lithium reserves are just 80.7 million tons. Almost 54% of India’s lithium imports come from China, which controls 80% of global supply. As per available data, India has imported more than Rs 6 billion worth of imports in 2020-21, including Rs 3.5 billion worth from China.
The agreement comes in the backdrop of India’s participation in the US-led Mineral Security Partnership (MSP), which aims to accelerate the development of diverse and sustainable critical energy mineral supply chains around the world.
MSP was established in 2021 as a bulwark against China’s use of its near-total control over supply chains for coercive diplomacy. Critical minerals like lithium are essential to the energy transition, as they are used in batteries for items ranging from electric cars and mobile phones to laptops. Its members include Australia, Canada, Finland, France, Germany, Japan, South Korea, Sweden, the United Kingdom, the United States, and the European Union.
According to the agreement, KABIL and CMYEN will jointly explore and mine five blocks covering 15,703 hectares in Catamarca province, with a project cost of Rs 200 million. The agreement will further help the company gain technical expertise and operational experience in the exploration, development and extraction of brine lithium.
According to the ministry, the blocks are Cortadera-I, VI, VII, VII and Cateo-2022-01810132.
KABIL was established in 2019 as a joint venture between national mining companies NALCO, HCL and MECL to source strategic minerals such as lithium and cobalt from abroad. The company had signed three memorandums of understanding with Argentina’s state-owned companies JEMSE, CAMYEN and YPF. CAMYEN first shared information about two promising lithium projects in La Aguada and El Indio on Catamarca Island.
KABIL has also undertaken joint due diligence with the Australian Department of Industry, Science and Resources’ Critical Minerals Bureau and has signed a Memorandum of Understanding setting out a detailed collaboration framework for further co-investment in the country’s Li&Co mineral assets.
Argentina, along with Bolivia and Chile, forms part of the Lithium Triangle in the Andes Mountains. Lithium is present in the salt pans of the Atakam Desert and neighboring arid regions of the region.
Coal and Mines Minister Prahalad Joshi said after the signing: “This agreement will help India strengthen its lithium supply while developing both countries’ lithium mines and downstream sectors. It will also help India achieve its global net zero goal. “This will facilitate the diversification of supply chains for critical materials.” Monday’s agreement.
According to the U.S. Geological Survey, total global lithium reserves are just 80.7 million tons. Almost 54% of India’s lithium imports come from China, which controls 80% of global supply. As per available data, India has imported more than Rs 6 billion worth of imports in 2020-21, including Rs 3.5 billion worth from China.
The agreement comes in the backdrop of India’s participation in the US-led Mineral Security Partnership (MSP), which aims to accelerate the development of diverse and sustainable critical energy mineral supply chains around the world.
MSP was established in 2021 as a bulwark against China’s use of its near-total control over supply chains for coercive diplomacy. Critical minerals like lithium are essential to the energy transition, as they are used in batteries for items ranging from electric cars and mobile phones to laptops. Its members include Australia, Canada, Finland, France, Germany, Japan, South Korea, Sweden, the United Kingdom, the United States, and the European Union.
According to the agreement, KABIL and CMYEN will jointly explore and mine five blocks covering 15,703 hectares in Catamarca province, with a project cost of Rs 200 million. The agreement will further help the company gain technical expertise and operational experience in the exploration, development and extraction of brine lithium.
According to the ministry, the blocks are Cortadera-I, VI, VII, VII and Cateo-2022-01810132.
KABIL was established in 2019 as a joint venture between national mining companies NALCO, HCL and MECL to source strategic minerals such as lithium and cobalt from abroad. The company had signed three memorandums of understanding with Argentina’s state-owned companies JEMSE, CAMYEN and YPF. CAMYEN first shared information about two promising lithium projects in La Aguada and El Indio on Catamarca Island.
KABIL has also undertaken joint due diligence with the Australian Department of Industry, Science and Resources’ Critical Minerals Bureau and has signed a Memorandum of Understanding setting out a detailed collaboration framework for further co-investment in the country’s Li&Co mineral assets.
Argentina, along with Bolivia and Chile, forms part of the Lithium Triangle in the Andes Mountains. Lithium is present in the salt pans of the Atakam Desert and neighboring arid regions of the region.