India closing in on lithium deal with Argentina, tapping Australia, Chile

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Last Updated31/12/2023

The Mines Ministry, through the state-owned Khanij Bidesh India Ltd (KABIL), has entered into a draft exploration and development agreement with Argentina

The Ministry of Mines entered into agreement with Argentina miner CAMYEN for possible acquisition and development of five-odd lithium blocks.
The company has also entered into a non-disclosure agreement with Chilean miner ENAMI for “possible exploration, extraction, processing and commercialisation” of the mineral
Incidentally, Latin America nations, primarily Chile and Argentina, account for 30–35 percent of the world’s supplies.
Chile, which has 11 per cent of the world’s lithium reserves, supplies 26 per cent of the requirements
Argentina with nearly one-fifth of the global resources supplies about 6 per cent.
Australia is among the other large lithium producers globally.
India has over the last one year upped its search for critical minerals, including lithium.
The alkaline mineral, also called ‘white gold’, is a cornerstone in India’s switch to green energy thereby reducing its carbon footprints.
India has put up just lithium blocks for auction – one in J&K and another in Chhattisgarh - with most of its domestic requirements, across categories like EVs, lithium-ion battery making, and other energy storage solutions, being met completely through imports.
Import bill is pegged at around ₹24,000 crore.