Self –reliance in critical and strategic mineral requirements
Australia, Argentina, Bolivia and Chile likely to be source countries
Agencies
NEW DELHI, January 03 2022:In order to ensure mineral security of the nation and to attain self-reliance in the area of critical & strategic minerals, the Ministry of Mines has created a Joint Venture company namely Khanij Bidesh India Ltd (KABIL) with participating interest of National Aluminium Company Ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL).
KABIL is mandated to identify and acquire overseas mineral assets of critical and strategic nature such as Lithium, Cobalt etc. This initiative aimed at giving further fillip to Atma Nirbhar Bharat will cater to the requirements of crucial sectors such as e-mobility, renewable energy, medicine, aerospace and aviation.
Based on a commissioned study and selection criteria, select source countries have been shortlisted for exploring possibilities of mineral asset acquisition abroad. So far, engagement of KABIL is under way with source countries like Australia, Argentina, Bolivia and Chile which are endowed with cited critical and strategic minerals.
The primary interface has been the respective Embassies and Missions of India in those countries for sharing of information primarily with state owned organizations for taking up due diligence and investment decisions with respect to prospective mineral acreages.