India eyes overseas copper, lithium mines to meet domestic shortfall
POWER & RENEWABLE ENERGY

India eyes overseas copper, lithium mines to meet domestic shortfall

India is exploring ways to secure supplies of metals such as copper and lithium from some of the world's top producers by acquiring overseas mines, as part of efforts to meet rising domestic demand, government sources said.

To start with, India has identified one copper and two lithium mines in resource-rich Argentina to either acquire or secure long-term leases, the sources said. The sources, with direct knowledge of the matter, did not wish to be identified, citing official rules. A team of experts has already studied the technical aspects of the one copper and two lithium mines in Argentina by visiting the sites.

"We will now begin the commercial review, which will take a few months." According to the sources, the attempt is part of India's larger push to get vital metals and minerals from leading global producers. The Indian government has launched Khanij Bidesh India (KABIL) as part of its drive to explore international mineral assets. KABIL is a business founded by state firms National Aluminium Company, Hindustan Copper, and unlisted Mineral Exploration Corp. According to the sources, KABIL plans to establish a unit in Argentina to mine and process lithium. Lithium is a key basic ingredient used in the production of electric car batteries. As part of a broader push by the government to meet its decarbonisation goals, India has introduced a clutch of measures to boost sales of electric vehicles (EVs).

According to S&P Global Mobility, India will overtake Japan as the world's third-largest market for passenger and other light cars. Apart from lithium, copper demand has increased in India, despite the fact that the country produces only 10-15 per cent of its entire copper requirement. In 2022, India was on track to be one of the world's fastest-growing copper markets, breaking the trend of moderating demand expansion elsewhere, including top consumer China, despite a slowing global economy.

Also Read
Alstom Transport to commence manufacturing coaches for Chennai Metro
UP Govt signs MoUs with South Korea and Japan for INR 183.50 billion

India is exploring ways to secure supplies of metals such as copper and lithium from some of the world's top producers by acquiring overseas mines, as part of efforts to meet rising domestic demand, government sources said. To start with, India has identified one copper and two lithium mines in resource-rich Argentina to either acquire or secure long-term leases, the sources said. The sources, with direct knowledge of the matter, did not wish to be identified, citing official rules. A team of experts has already studied the technical aspects of the one copper and two lithium mines in Argentina by visiting the sites. We will now begin the commercial review, which will take a few months. According to the sources, the attempt is part of India's larger push to get vital metals and minerals from leading global producers. The Indian government has launched Khanij Bidesh India (KABIL) as part of its drive to explore international mineral assets. KABIL is a business founded by state firms National Aluminium Company, Hindustan Copper, and unlisted Mineral Exploration Corp. According to the sources, KABIL plans to establish a unit in Argentina to mine and process lithium. Lithium is a key basic ingredient used in the production of electric car batteries. As part of a broader push by the government to meet its decarbonisation goals, India has introduced a clutch of measures to boost sales of electric vehicles (EVs). According to S&P Global Mobility, India will overtake Japan as the world's third-largest market for passenger and other light cars. Apart from lithium, copper demand has increased in India, despite the fact that the country produces only 10-15 per cent of its entire copper requirement. In 2022, India was on track to be one of the world's fastest-growing copper markets, breaking the trend of moderating demand expansion elsewhere, including top consumer China, despite a slowing global economy. Also Read Alstom Transport to commence manufacturing coaches for Chennai Metro UP Govt signs MoUs with South Korea and Japan for INR 183.50 billion

Next Story
Infrastructure Energy

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Next Story
Infrastructure Urban

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Next Story
Infrastructure Energy

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?