NEW DELHI – India has signed its first overseas lithium exploration and mining deal, acquiring five blocks in Argentina in a move to reduce its reliance on China for the critical mineral. The joint venture between state-run miners, Khanij Bidesh India Ltd (KABIL), secured the deal as part of India’s efforts to diversify its supply chain and achieve Global Net Zero goals. China currently controls 80% of the global lithium supply, with India importing over Rs 6,000 crore worth of lithium in 2020-21, including Rs 3,500 crore from China alone. The agreement with Argentina comes after India’s recent entry into the US-led Mineral Security Partnership to counter China’s dominance in critical mineral supplies. The partnership includes countries such as the US, Australia, Canada, and several European nations.
India’s KABIL Signs First Lithium Mining Deal in Argentina to Break China’s Grip on Supply Chain
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