New Delhi: To boost the domestic supply of critical minerals and strengthen the strategic minerals sector, the government of India announced the establishment of a joint venture company (KABIL). The company will comprise three central public sector enterprises – National Aluminum Company Ltd (NAL), Hindustan Copper Ltd and Mineral Exploration and Consultancy Ltd (KABIL), a PIB press release stated.
The government said in a statement that KABIL aims to identify, explore, acquire, develop, mine, process, procure and sell strategic minerals abroad. The company will operate in Argentina, Australia and Chile. It has signed an exploration and development contract with the state-owned company of Argentina.
In Australia, KABIL has signed a memorandum of understanding (MoU) with the Critical Mineral Office (CMO) of the Department of Industry, Science and Resources (DISER) for joint due diligence and further investment in lithium and cobalt mining assets of Australia. The agreement will also help KABIL in taking long-term investment decisions and offtake arrangements to ensure a sustainable supply of lithium and cobalt to the country.
The company has also signed an NDA agreement with a state-owned company of Chile, ENAMI, to explore the potential of brine type lithium block in Chile.
KABIL is continuously exploring other countries with a rich potential of critical minerals to invest in.