India signs agreement with Argentina for lithium exploration & mining project

The government of India has signed an agreement for lithium exploration and mining project in Argentina. The Ministry of Mines said the agreement between Khanij Bidesh India Limited (KABIL) and the state-owned enterprise of Catamarca province of Argentina CATAMARCA MINERA Y ENERGÉTICA SOCIEDAD DEL ESTADO (CAMYEN SE).According to the Ministry of Mines, this is the first ever lithium exploration and mining project by a Government Company of India.KABIL will commence exploration and development of 5 lithium brine blocks - Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI covering an area of about 15,703 Hectare, located in the Catamarca province of Argentina.KABIL is also working towards setting up a branch office at Catamarca, Argentina. The project cost is about 200 crores.“This is a historic day for both India and Argentina as we are scripting a new chapter in bilateral ties with the Agreement signing between KABIL and CAMYEN – a step which will not only play a crucial role in driving the energy transition for sustainable future, but also ensure a resilient and diversified supply chain for critical and strategic minerals essential for various industries in India," said Pralhad Joshi, Union Minister of Coal and Mines.The mining ministry further said with this agreement, KABIL has obtained Exploration and Exclusivity Right for 5 blocks to evaluate, prospect and explore and subsequent to existence/discovery of lithium mineral, exploitation right for commercial production."This will not only boost it’s quest for sourcing lithium for India but will also help in bringing in technical and operational experience for Brine type lithium exploration, exploitation and extraction," the ministry said.Argentina is the part of “Lithium Triangle” along with Chile and Bolivia with more than half of world’s total lithium resources and having the distinction of having second largest lithium resources, third largest lithium reserves and fourth largest production in world.This strategic move strengthens the bilateral ties between India and Argentina as well as contributes to the sustainable development of the mining sector, ensuring a resilient and diversified supply chain for critical and strategic minerals essential for various industries.