India to acquire Lithium and Cobalt mines abroad

India to acquire Lithium and Cobalt mines abroad

India is scrambling to acquire lithium and cobalt mines abroad, along with other resources, to ensure that it has access to such strategic minerals, with China having already taken a substantial lead in the race, much in the manner that it has done so in oil and gas.

Lithium and cobalt are critical elements in batteries that power mobile phones, laptops and electric vehicles, the centerpiece of future transport solutions. The global race for these minerals is intensifying in the wake of the growing use of such vehicles.

The Indian government has directed three state-owned mineral companies to team up for the task, said Anil Kumar Nayak, joint secretary in the mines ministry.  Mr Nayak said that “The joint venture partners are National Aluminium Company, Hindustan Copper and Mineral Exploration Corp Ltd.

” Mr Nayakadded that “It can also invite private sector companies who are interested to participate in it.” Nalco is the lead partner. The proposal is currently with the Niti Ayog, which will conduct due diligence before it can be formalised. Read More

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