Coal India Exploring Lithium Assets in Argentina With U.S. Firm: Report
State-run Coal India Ltd (COAL.NS), opens new tab is exploring lithium blocks in Argentina along with a U.S. company to secure supplies of the battery material, an Indian source with direct knowledge said on June 18.
India and the United States said, they were co-investing in a lithium resource project in South America and a rare earths deposit in Africa to diversify critical minerals supply chains. India has been in talks with several countries, including the US, to collaborate in lithium processing and avoid relying on China. “Coal India has come forward for the Kachi block in Argentina in which a US company and two other countries are interested to explore under the MSP,” declining to be identified due to the sensitive nature of discussions.
In February, US Secretary of State Antony Blinken said on a trip to Argentina that the US was exploring investment opportunities in critical minerals, especially lithium. Coal India and India’s federal Ministry of Mines did not immediately respond to Reuters’ emails for comments. Under the minerals partnership, which India had joined last year, New Delhi was invited to participate in 20-25 critical minerals projects, of which four have been identified by the Indian government, with two of these are in collaboration with the US. The second project is in the Kangankunde block in Malawi, which is being explored by India’s state-owned IREL (India) Ltd for rare earths. The Indian government has also asked miners to explore critical minerals in Australia’s Dubbo region. India had also proposed a critical minerals trade deal with US, which would prohibit imposition of tariffs on both countries by each other and would be similar to a pact US has with Japan that grants Japanese automakers wider access to US electrical vehicles tax credit. However, the US is in talks with India for a bilateral Critical Minerals Memorandum of Understanding (MoU), both countries.
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