Indian PSUs to Spearhead Global Hunt for Critical Minerals

The government on Wednesday said public sector companies -- Coal India, NMDC and ONGC Videsh Ltd OVL, will start looking actively for critical mineral assets overseas.ONGC Videsh Ltd OVL is the overseas investment arm of state-owned Oil and Natural Gas Corporation.These PSUs already have some kind of presence abroad.A group of secretaries on resources has decided that these companies Coal India, NMDC, ONGC Videsh Ltd move forward and look at critical mineral assets abroad also.

The government on Wednesday said public sector companies -- Coal India, NMDC and ONGC Videsh Ltd (OVL), will start looking actively for critical mineral assets overseas.

ONGC Videsh Ltd (OVL) is the overseas investment arm of state-owned Oil and Natural Gas Corporation.

These PSUs already have some kind of presence abroad.

''A group of secretaries (on resources) has decided that these companies (Coal India, NMDC, ONGC Videsh Ltd) move forward and look at critical mineral assets abroad also. It is an easy method. These companies are already doing business abroad,'' Mines Secretary V L Kantha Rao told reporters on the sidelines of a Workshop on Offshore Mining.

State-owned Coal India, he said, is actively pursuing some lithium blocks in Chile.

''So, Coal India is getting active... NMDC is already active in Australia. They have some gold mines in Australia and are also looking at lithium mines in Australia,'' Rao explained.

Meanwhile, Khanij Bidesh India Ltd (KABIL) is a joint venture of three PSUs formed to scout for mineral assets overseas. It is owned by three public sector undertakings — National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL).

India, he said, is looking for tie ups with Chile for getting access to copper and lithium mineral assets in the country.

''We are looking at expanding the current FTA with Chile to include a chapter on critical minerals. So that we can get G to G (government to government) access to those assets,'' Rao explained.

India has been looking at Australia for lithium blocks for a long time. This year, the secretary said ''we aim to do something in Australia.'' India, he also said, is looking at some coal and copper assets in Mongolia and the government is studying trade routes with the landlocked country.

The secretary explained that India is also exploring joint exploration with Zambia for critical minerals, including lithium.

Critical minerals such as copper, lithium, nickel and cobalt are important components in rapidly growing clean energy technologies –- from wind turbines and electricity networks to electric vehicles.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)