India invests $24 mn in lithium exploration: Boosting energy transition & bilateral ties with Argentina
India and Argentina sign agreement for exploration and mining 5 lithium
In a move towards securing critical minerals for the energy transition, India is set to invest approximately Rs 200 crore ($24 million) in exploring and developing five lithium mines in Argentina.
This is based on a report published by the Press Trust of India (PTI).
The agreement, signed between Khanij Bidesh India Ltd (KABIL), a state-owned joint venture, and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN), a government-owned mining and energy corporation in Argentina, aims to tap into Argentina's abundant lithium resources.
Lithium is a crucial component of lithium-ion batteries that power electric vehicles and battery energy storage systems.
The project, with a cost of about Rs 200 crore, involves the exploration and development of five lithium brine blocks in the Catamarca province of Argentina.
The blocks, covering an area of approximately 15,703 hectares, include Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI. KABIL will hold exploration and exclusivity rights, allowing the evaluation, prospecting, and exploration of lithium minerals.
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Upon the discovery, exploitation rights for commercial production will be granted.
Argentina, part of the 'lithium triangle' alongside Chile and Bolivia, boasts more than half of the world's total lithium resources.
It holds the distinction of having the second-largest lithium resources, the third-largest reserves, and the fourth-largest production globally.
The PTI report cited India’s Coal and Mines Minister Pralhad Joshi, who highlighted the significance of this agreement, saying, "This is a historic day for both India and Argentina as we are scripting a new chapter in bilateral ties with the Agreement signing between KABIL and CAMYEN."
India's move into lithium exploration aligns with its commitment to a sustainable and diversified supply chain for critical minerals essential to various industries.
The joint venture between NALCO, HCL, and MECL, KABIL, was formed in 2019 to source strategic minerals like lithium and cobalt from overseas locations.
The recent agreement signifies not only a strategic step in securing vital resources for the energy transition but also a strengthening of bilateral ties between India and Argentina.
(With inputs from PTI)