India to send teams to Chile seeking lithium and copper assets, source says

National Aluminium

28/03/2024 08:50

By Neha Arora
       NEW DELHI, March 28 (Reuters) - India will send two
delegations next month to Chile to scout for lithium and copper
resources, a government source said, as rapid economic expansion
and New Delhi's efforts to speed up the energy transition stoke
demand for critical minerals.
    Chile is a key target as it is the world's biggest supplier
of copper and the second-biggest producer of lithium, which are 
essential for electric vehicle batteries and renewable energy
systems in the push away from fossil fuels. 
    As part of India's drive to explore overseas for mineral
assets, state firms National Aluminium Company, Hindustan Copper
and unlisted Mineral Exploration and Consultancy have set up a
company called Khanij Bidesh India (KABIL).
    "KABIL has to send a delegation to Chile in April," said the
source, who did not wish to be named as details of the plan have
not been made public.
    "We are interested in buying assets. We are trying to
facilitate private and government-owned companies to acquire
assets in other countries as well."
    The government is separately sending a delegation to look
for copper assets, the source said.
    The federal Ministry of Mines and KABIL did not respond to
Reuters emails for comments.
    India, the world's third-biggest emitter of greenhouse gases
behind China and the United States, has pledged to achieve a
net-zero carbon emission target by 2070 and increase the share
of renewables in its energy mix to 50% by 2030.
    In January, KABIL signed a 2-billion-rupee ($24.01 million)
lithium exploration pact for five blocks in Argentina. The deal,
signed with an Argentinian state-run enterprise, gives KABIL
exploration and development rights for commercial production.
    KABIL, which is currently setting up an office in Argentina,
is also in talks with another company in the Latin American
country for lithium exploration, the source said.
    At the same time, KABIL is talking to the Australian
government to help appoint a consultant to restart due diligence
that would pave the way for a lithium block acquisition in the
country, the source said.
    India is also looking at Africa for copper, cobalt and other
critical minerals, V.L. Kantha Rao, the most senior official at
the Ministry of Mines, said last week.
    India is in the process of auctioning 38 critical and
strategic minerals blocks, including lithium.
($1 = 83.30 rupees)

 (Reporting by Neha Arora; editing by Mayank Bhardwaj and Sonali
Paul)
 ((neha.dasgupta@tr.com;))