India on solo hunt for critical minerals in Australia, Argentina

Sandeep Dikshit

New Delhi, November 18

Not included in the US-led Minerals Security Partnership (MSP) so far, India is trying to strike out on its own and is engaging consultants to identify assets and companies in the critical mineral sector in Australia and Argentina after having received a promising response from both.

The government is planning to send a team of geologists to Argentina to evaluate lithium varieties. India is keen on joining the MSP but it has not received a positive signal and according to some of its members, it does not bring adequate expertise to the table. Two years ago, India had signed an agreement to jointly prospect lithium in Argentina, which has the third largest reserves of the metal in the world. India’s foray is being spearheaded by public sector KhanijBidesh India Limited (KABIL)

The discussions with Australia are in an advanced stage with both sides close to identifying companies in this space after an MoU on cooperation in the field of mining and processing of critical minerals.

An Australian parliamentary committee on treaties on Friday recommended that Canberra should ratify the Australia-India Economic Cooperation and Trade Agreement (AI-ECTA) with its Chair Josh Wilson saying this would pave the way for further trade, investment and regulation.

The hunt worldwide is for graphite, lithium, nickel and cobalt that find applications in EV batteries, semiconductors and high-end electronics manufacturing, including for space and defence industries. Extraction and processing of most of these metals take place in Australia, China, Congo and Latin America.

These minerals, considered the building blocks of essential modern-day technologies, are used for making cellphones, computers, batteries, EVs, solar panels and wind turbines.