India is intensifying its efforts to secure vital lithium and copper resources by sending two delegations to Chile next month. The purpose of these delegations is to scout for potential mineral assets in Chile, which is renowned as the world's leading copper supplier and the second-largest lithium producer. Both these minerals are crucial for the production of electric vehicle batteries and renewable energy systems, aligning with India's goals of accelerating the energy transition away from fossil fuels.
The Indian government's state-owned firms, including the National Aluminium Company, Hindustan Copper, and Mineral Exploration and Consultancy, have collaborated to establish Khanij Bidesh India (KABIL). This entity aims to explore opportunities to acquire mineral assets abroad. KABIL will be spearheading the delegations to Chile, with a specific focus on identifying copper assets. Additionally, private and government-owned companies are being encouraged to participate in the acquisition of mineral assets overseas.
India's interest in securing these resources stems from its ambitious climate goals, including achieving net-zero carbon emissions by 2070 and increasing the share of renewables in its energy mix to 50% by 2030. In January, KABIL signed a lithium exploration pact in Argentina, highlighting its commitment to securing critical minerals globally. The organization is also exploring opportunities in Australia and Africa for lithium, copper, cobalt, and other essential minerals.
Moreover, India is in the process of auctioning 38 blocks containing critical and strategic minerals, including lithium. This underscores the nation's strategic focus on securing vital mineral resources to support its transition towards a more sustainable and renewable energy future.
