Indian PSUs to Venture Overseas for Critical Mineral Assets

On 15th May, 2024, Union government announced plans for Coal India, NMDC, and ONGC Videsh Ltd to actively pursue critical mineral assets abroad.

Key Points

Government Directive: Coal India, NMDC, and ONGC Videsh Ltd instructed to seek critical mineral assets abroad, leveraging their existing international presence.
Current Endeavours: Coal India exploring lithium blocks in Chile, NMDC active in Australian gold mines and eyeing lithium assets.
Role of KABIL: Joint venture KABIL, comprising Nalco, HCL, and MECL, also scouting for mineral assets abroad.
Chilean Partnership: India aims to expand the Free Trade Agreement with Chile to include critical minerals, facilitating government-to-government access.
Focus on Australia: India targets lithium blocks in Australia, aiming for collaborations and investments.
Exploration in Mongolia: India considering coal and copper assets in Mongolia, studying trade routes with the country.
Joint Exploration: Exploring joint exploration with Zambia for critical minerals, including lithium.