India in talks with Argentina for 5 more lithium blocks: Reddy
NEW DELHI: Govt is in talks with Argentina to acquire five more blocks of lithium, a critical mineral used in electric vehicles and energy-storage batteries besides other consumer goods, while discussions are also on with Australia and Chile, coal and mines minister G Kishan Reddy said Friday.He said critical minerals will be one of the major points of discussions at the Brics Summit also.Talking to reporters on the sidelines of CII’s Global Summit on Advanced Materials, Critical Minerals and Metals, Reddy said India needs to look overseas for lithium as the critical mineral’s domestic availability was scarce.“India has limited lithium reserves. Therefore, we acquired five blocks in Argentina and are now seeking to acquire five more. Similarly, we are speaking to Australia and Chile,” the minister said, adding that the discussions were on both at govt level and among private entities.Reddy said govt was encouraging private companies to acquire mineral blocks overseas, undertake mining and semi-processing and bring the raw material to India.“More than PSUs, the private sector should go and bring critical minerals to India. This is the need of the hour,” he said.The minister also said the Centre was working on an incentive scheme for recycling of critical minerals from e-waste, with an initial allocation of Rs 1,500 crore. Around 125 companies had applied under the incentive scheme, of which 58 had been shortlisted in the first phase. The amount of incentive to be given to each company has been referred to NITI Aayog, he said.“First, a sum of Rs 1,500 crore has been decided. How much should be given to each company has been referred to NITI Aayog. After their report comes, an announcement will be made on this subject,” Reddy said.He said 25-30% of India’s requirement of critical minerals could be met through recycling of e-waste.Govt is also setting up four critical mineral processing plants to process raw material brought from overseas. Maharashtra and Gujarat have identified locations and announced incentives related to power, land acquisition and taxes, while discussions are also on with Andhra Pradesh and Odisha, he said.Reddy said similar processing plants would be established for critical minerals mined in India as exploration gathers pace. One plant has already been established for recycling.Govt has stepped up domestic exploration under the National Critical Mineral Mission, which has an allocation of Rs 36,000 crore. It is also looking at urban mining and recovering critical minerals from EVs.Reddy said critical minerals were essential for modern economic activity, with demand coming from sectors ranging from mobile phones to refrigerators and space technology. India, he said, wanted to reduce its dependence on imports and become self-sufficient in critical minerals.
Source: timesofindia.indiatimes.com