Khanij Bidesh India Limited (KABIL) has recently entered into an agreement with CAMYEN, a government-owned company in the Catamarca province of Argentina. This agreement allows KABIL to explore and mine five blocks rich in lithium resources in Argentina. | x.com/MinesMinIndia
India has made its first international deal to acquire exploration and production rights for lithium blocks in Argentina. The purpose of this deal is to decrease reliance on China for the essential green technology metal.
Pralhad Joshi, India’s Minister of Coal and Mines, described the recent US$24-million agreement as groundbreaking. He emphasized that the deal would secure a strong and varied supply chain for crucial and strategic resources.
Lithium plays a crucial role in the creation of batteries used for storing energy and powering electric cars.
India is among the leading contributors of greenhouse gas emissions globally; however, it is actively promoting the manufacturing of electric vehicles and has committed to achieving carbon neutrality by 2070.
According to data from the government, India, which is currently the fastest-growing major economy globally, purchased lithium amounting to a value of $33 million in the years 2022-2023. Over two-thirds of this import came from China.
Joshi commented late Monday night that the project’s aim is to assist India in enhancing their lithium supplies and also focus on the growth of lithium mining and downstream industries.
Analysts refer to Argentina, Chile, and Bolivia as the “lithium triangle”, which is a region estimated to contain over 50% of the world’s lithium resources.
State-owned Khanij Bidesh India and Argentina’s state-owned Camyen SE have signed a contract in Catamarca Province, where some of Argentina’s biggest lithium deposits are located.
India made a significant discovery in Jammu and Kashmir last year, when it uncovered its initial lithium deposits. These deposits are estimated to have approximately 5.9 million tonnes of reserves.
– TIMES/AFP
