The initiatives are a component of New Delhi’s participation in the US-led Mineral Security Partnership (MSP), which India joined last year to guarantee sufficient mineral supplies to meet zero-carbon targets.
India has been exploring ways to guarantee lithium supplies, a vital component needed to produce batteries for electric vehicles. Last year, Prime Minister Narendra Modi’s administration identified thirty minerals, including lithium, nickel, titanium, vanadium, and tungsten, as essential to advancing the use of clean energy.
In an effort to diversify vital mineral supply chains, India and the US announced on Monday that they would pool their resources to jointly invest in a rare piles of earth deposit in Africa and a lithium resource project in South America. Reuters reported that India and several other nations, including the US, have been in discussions to work together on lithium processing and avoid relying on China.
The source, who asked to remain anonymous due to the sensitive nature of the discussions, stated that the unusual “Coal India has come forward for the Kachi block in Argentina in which a US company and two other countries are interested in exploring under the MSP.”
Australian miner Lake Resources’s Kachi lithium project hopes to produce 50 kilotonnes of battery-grade lithium annually by 2030. Following the Reuters report, state-run Coal India Ltd.’s shares saw a positive shift, rising as much as 1.2% before retreating to trade 0.3% higher.
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