India to auction J&K lithium reserves later this year

04 May 2023 CW Team

India will sell the lithium blocks discovered in Jammu and Kashmir, according to Vivek Bharadwaj, secretary of the Union ministry of mines, later this year.

“Have recommended transaction advisor to Jammu and Kashmir government for lithium reserves auction,” Bharadwaj said.

The Geological Survey of India (GSI) discovered lithium reserves in J&K earlier this year. In the Salal-Haimana area of the Reasi District of Jammu & Kashmir (UT), GSI discovered lithium inferred resources (G3) of 5.9 million tonnes.

Currently, lithium is a vital element. Non-ferrous metal lithium is one of the essential elements of EV batteries. Given the government's push for electric vehicles, it is crucial right now. Other battery storage systems, including those used in the electrical industry, also make use of it.

The foundational elements of a green economy, solar panels and wind turbines, both employ lithium-ion batteries.

Electric vehicles, solar panels, and wind turbines all employ lithium-ion batteries. According to a World Bank study, by 2050, demand for essential metals like lithium (Li) and cobalt is predicted to increase by roughly 500%.

According to a World Bank report, India's market is anticipated to grow at a CAGR of 23.76 percent by 2028, while the global electric vehicle market is anticipated to reach $823.75 billion by 2030 and register a CAGR of 18.2 percent from 2021 to 2030.

Nitin Gadkari, a union minister, recently claimed that if India could utilize the recently discovered lithium deposit in Jammu and Kashmir, it might overtake all other automakers in the world's production of electric vehicles.

India now imports 70% of its Li-ion cell needs from China and Hong Kong and 100% of its lithium from Australia and Argentina. India imported lithium worth $22.15 million in 2021–22. The top three suppliers were from Hong Kong, China, and the US.

With the J&K reserves, the Center can continue forward with its ambitious aim to have 30% of private automobiles be electric by 2030, 70% of commercial vehicles be electric, and 80% of two- and three-wheelers be electric. The discovery will support India's National Mission on Battery Storage and Transformative Mobility.

The cornerstones of a green economy, including electric vehicles (EVs), wind turbines, and solar panels, all employ lithium-ion batteries. According to a World Bank study, by 2050, demand for essential metals like lithium (Li) and cobalt is predicted to increase by roughly 500%. India will sell the lithium blocks discovered in Jammu and Kashmir, according to Vivek Bharadwaj, secretary of the Union ministry of mines, later this year. “Have recommended transaction advisor to Jammu and Kashmir government for lithium reserves auction,” Bharadwaj said. The Geological Survey of India (GSI) discovered lithium reserves in J&K earlier this year. In the Salal-Haimana area of the Reasi District of Jammu & Kashmir (UT), GSI discovered lithium inferred resources (G3) of 5.9 million tonnes. Currently, lithium is a vital element. Non-ferrous metal lithium is one of the essential elements of EV batteries. Given the government's push for electric vehicles, it is crucial right now. Other battery storage systems, including those used in the electrical industry, also make use of it. The foundational elements of a green economy, solar panels and wind turbines, both employ lithium-ion batteries. Electric vehicles, solar panels, and wind turbines all employ lithium-ion batteries. According to a World Bank study, by 2050, demand for essential metals like lithium (Li) and cobalt is predicted to increase by roughly 500%. According to a World Bank report, India's market is anticipated to grow at a CAGR of 23.76 percent by 2028, while the global electric vehicle market is anticipated to reach $823.75 billion by 2030 and register a CAGR of 18.2 percent from 2021 to 2030. Nitin Gadkari, a union minister, recently claimed that if India could utilize the recently discovered lithium deposit in Jammu and Kashmir, it might overtake all other automakers in the world's production of electric vehicles. India now imports 70% of its Li-ion cell needs from China and Hong Kong and 100% of its lithium from Australia and Argentina. India imported lithium worth $22.15 million in 2021–22. The top three suppliers were from Hong Kong, China, and the US. With the J&K reserves, the Center can continue forward with its ambitious aim to have 30% of private automobiles be electric by 2030, 70% of commercial vehicles be electric, and 80% of two- and three-wheelers be electric. The discovery will support India's National Mission on Battery Storage and Transformative Mobility. See also: NMDC explores lithium reserves in Australia for mining Lithium price drop gives Indians hope for more affordably priced EVs