Ira Singh
Khabar Khabaron Ki,16 Jan’24
In a significant stride towards fortifying its access to crucial minerals essential for the global energy transition, India is reportedly set to invest approximately Rs 200 crore ($24 million) in exploring and developing five lithium mines in Argentina.
Lithium is the single most important critical mineral for the energy transition; a fundamental component of lithium-ion batteries, which power electric vehicles and battery energy storage systems.
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.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 according to information.
Reportedly,”KABIL will start exploration and development of 5 lithium brine blocks viz 1. Cortadera-I, 2. Cortadera-VII, 3. Cortadera-VIII, 4. Cateo-2022- 01810132 and 5. Cortadera-VI covering an area of about 15,703 Hectare, located in the Catamarca province of Argentina.With this agreement, KABIL has received exploration and exclusivity rights for five blocks to evaluate, prospect and explore and subsequent to existence, discovery of lithium mineral, exploitation right for commercial production.
Argentina is the part of the ‘lithium triangle’ along with Chile and Bolivia with more than half of the world’s total lithium resources and having the distinction of having second largest lithium resources, third largest lithium reserves and fourth largest production in the world.
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’, a step which will not only play a crucial role in driving the energy transition for sustainable future, but also ensure a resilient and diversified supply chain for critical and strategic minerals essential for various industries in India,” coal and mines minister Pralhad Joshi said.
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.