As a vital component of lithium-ion batteries, which power electric cars and battery energy storage systems, lithium is the most significant mineral for the energy transition
According to a senior official, Khanij Bidesh India (KABIL) intends to purchase a lithium block in Australia this year.
KABIL, a joint venture of three PSUs to look for mineral assets abroad, has been operating in Australia for the past year, according to Mines Secretary V L Kantha Rao.
"Khanij Bidesh India, or KABIL, is accountable for considering other nations. In Australia, we must step up our efforts. "We need to make sure that we focus on one additional asset for this fiscal year," Rao stated during the inauguration of KABIL's office.
Three public sector enterprises, namely National Aluminium Company (Nalco), Hindustan Copper (HCL), and Mineral Exploration and Consultancy (MECL), own KABIL.
We have been working in Australia for the past year, so I am hoping that is where it will be," he said.
However, Australia would be more expensive than Argentina, so KABIL's paid-up capital would need to be raised. KABIL currently has Rs 100 crore in paid-up capital.
He clarified, "I believe we have approval for up to Rs 200 crore, and we are authorised to go up to Rs 500 crore." Rao added that the goal is to start mining in Argentina's lithium blocks in the next two to three years.
As a vital component of lithium-ion batteries, which power electric cars and battery energy storage systems, lithium is the most significant mineral for the energy transition.
The Indian government had earlier promised to invest roughly Rs 200 crore to investigate and develop five lithium mines in Argentina.
With more than half of the world's total lithium resources, Bolivia, Chile, and Argentina form the so-called "lithium triangle."