India Seeks Global Partners for Critical Mineral Security: Pralhad Joshi
The Minister for Mines, Pralhad Joshi, has announced the initiation of multilateral and bilateral collaborations with various nations to ensure the procurement of essential minerals. Minister Joshi highlighted the involvement of the state-run Khanij Bidesh India Ltd (KABIL), which has partnered with state-owned entities in different countries through the Ministry of External Affairs and Indian embassies. The primary focus is on acquiring mineral assets, particularly special and critical minerals. Notably, Argentina possesses the world's third-largest lithium reserves, and Australia is a prominent producer of potash and lithium.
KABIL is a joint-venture company of National Aluminium Company Ltd, Hindustan Copper Ltd and Mineral Exploration and Consultancy Ltd, set up with the objective of ensuring a consistent supply of critical and strategic minerals to the Indian market. "The ministry is also actively involved in the Mineral Security Partnership (MSP) and other multilateral/ bilateral partnerships with various countries to secure the critical mineral demand of India. Under India’s G20 presidency, recognizing the significance of the role of critical minerals in global energy transition, the Ministry of Mines got it included in the G20 New Delhi Leaders’ Declaration," Joshi added in his written reply.
In June, India became a member of the Mineral Security Partnership (MSP) during Prime Minister Narendra Modi's visit to the United States. The MSP is a coalition consisting of 13 countries and the European Union (EU) with the goal of stimulating both public and private investments in critical mineral supply chains. The alliance includes Australia, Canada, Finland, France, Germany, Italy, Japan, Norway, the Republic of Korea, Sweden, the United Kingdom, the United States, and the EU.
In July, the Ministry of Mines compiled a roster of 30 minerals deemed critical for the nation, following the suggestions of a committee. Among these are tin, employed in aerospace, construction, home decor, electronics, jewelry, and telecommunications; molybdenum, utilized in steel alloys, pigments and dyes, catalysts, electrical components, and electronics; graphite, utilized in batteries, lubricants, electric vehicles (EVs), and fuel cells for EVs; and nickel, employed in stainless steel, solar panels, batteries, aerospace, defense applications, and electric vehicles.
The heightened attention on critical minerals aligns with India's ambitious goals for energy transition and bolstering the domestic manufacturing sector, where these minerals play a pivotal role. While China currently holds dominance in the critical and rare earth mineral supply chain, India and fellow countries in the MSP are actively seeking to broaden and diversify their sources.
