India has committed to jointly invest $6 million (about Rs 45.3 crore) with the Australian government to explore lithium and cobalt mines in Australia over the next six months, to further its electric vehicle plans. To strengthen the supply of key minerals required for ,
India’s KABIL, a mining joint venture between state-run firms National Aluminum Company, Hindustan Copper Limited and Mineral Exploration Corp Ltd., has signed a preliminary agreement with the Critical Minerals Facilitation Office (CMFO) of Australia, Government of India said on Tuesday.
This step has been taken at a time when India is giving incentives of $ 2.4 billion (about Rs 18,150 crore) to companies to make battery cells locally. electric vehicles, Lithium, the price of which has risen in recent times, is a major raw material used to make electric vehicle batteries.
The CMFO and KABIL will conduct a joint investigation of selected greenfield and brownfield projects to identify lithium and cobalt mineral assets for final joint investment decisions and acquisitions, the Indian government said in a statement.
The agreement also provides for the inclusion of another Indian state-run firm as an investment partner, and envisages that due diligence procedures will be carried out and further investment decisions will be taken over the next six months.
India has also selected Latin American countries like Argentina, Bolivia, Chile for exploration of strategic mineral mines abroad, the statement said.
© Thomson Reuters 2022