• UGI USER
  • Mar 04, 2024
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INDIAN COS EYE CRITICAL MINERALS MINING IN LANKA, AUS AS GOVT EXPANDS SEARCH:

Why in the news?

Indian firms explore mining opportunities in Sri Lanka, Australia for critical minerals, strengthening the supply chain and fostering international collaboration.

Highlights of the Meeting:

  • The Ministry of Mines organized meetings in January with stakeholders like Ola Electric, Hindalco Industries, and Gujarat Mineral Development Corporation.
  • Aim: Discuss opportunities for mining critical minerals in Sri Lanka and Australia.
  • Focus: Prospects for graphite mining in Sri Lanka; mining opportunities in Australia.

What are Critical minerals?

●   Critical minerals are essential for modern technologies and face supply chain risks.

●   Examples: Copper, lithium, nickel, cobalt, and rare earth elements.

●   Crucial for clean energy technologies like wind turbines and electric vehicles.

●   Indian Policy: Drafted Critical Minerals Strategy in 2016, focusing on 49 vital minerals for economic growth till 2030.

About Khanij Bidesh India Limited (KABIL)

●   India established Khanij Bidesh India Limited (KABIL), a joint venture of three public sector companies, to ensure a steady supply of critical and strategic minerals domestically.

●   MoU with CMFO: Recently, KABIL and Australia’s Critical Minerals.