Govt working on steps to improve supply of rare earth minerals: Goyal

The government was working on measures to improve supply of rare earth minerals, including negotiating trade pacts with Chile and Peru, promoting domestic exploration, and engaging startups in recycling and processing, Commerce and Industry Minister Piyush Goyal said on Friday.

Critical or rare earth minerals such as copper, lithium, nickel and cobalt are essential raw materials that have applications in various industries ranging from electronic goods to fighter jets. These minerals fuel the growth of rapidly growing clean energy technologies, including EVs and battery manufacturing. Countries like Chile, Peru and Australia have reserves of these minerals. India already has implemented a trade pact with Australia and is negotiating with South American nations Chile and Peru. The Indian team is visiting the two South American countries for the next round of trade talks. "Look at Chile and Peru, think about it. Why am I doing FTA with them in the first place?" he said on government’s steps to deal with the shortage of these minerals.