India is close to striking a deal to acquire five lithium blocks for exploration and development in Argentina with the negotiations entering “final stages”, a senior official said, even as the country is engaged in talks with other nations rich in critical minerals.
The agreement will be signed between the Khanij Bidesh India Ltd (KABIL) — a joint venture company focused on identifying, acquiring, developing, processing and making commercial use of strategic minerals in overseas locations for supply in India — and Catamarca Minera Y Energética Sociedad Del Estado (CAMYEN), a State-owned mining and energy company in the Argentine province of Catamarca.
The Centre will also invest around Rs 200 crore (Rs 2 billion) over five years for the exploration and development of these mines, Business Standard has learnt. “The talks are in the final stages, and a proposal has already been submitted to the Cabinet Committee on Economic Affairs for approval,” said the government official aware of the development.
After Australia, this is India’s second attempt to sign a foreign partnership for sourcing critical minerals. In 2022, India signed a memorandum of understanding with Australia’s Critical Minerals Facilitation Office to explore five blocks — two dedicated to lithium and three to cobalt.
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