India’s KABIL, a mining joint venture between National Aluminum Company, Hindustan Copper Ltd and Mineral Exploration Corp Ltd, has partnered with Australia’s Critical Minerals Facilitation Office (CMFO) to strengthen the supply of key minerals needed to advance its EVs. A preliminary agreement has been signed for plans.
see photosWith this move, India aims to strengthen the supply of key minerals required to take forward its EV plans
India has agreed to jointly invest $6 million with the Australian government to explore lithium and cobalt mines in Australia over the next six months to strengthen the supply of key minerals needed to advance its electric vehicle plans. committed to. 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.
The move comes at a time when India is offering $2.4 billion incentives to companies to locally manufacture battery cells for electric vehicles. Lithium, the price of which has risen in recent times, is a major raw material used to make electric vehicle batteries.
The move comes at a time when India is offering $2.4 billion incentives to companies to locally manufacture battery cells for electric vehicles.
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.
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