Latest News | Source Nations Shortlisted for Exploring Possibilities of Mineral Asset Acquisitions: Mines Ministry

New Delhi, Jan 3 (PTI) The mines ministry on Monday said select source countries have been shortlisted for exploring the possibilities of mineral assets acquisition abroad.

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KABIL, a joint venture company, has been engaged to look for source countries like Australia, Argentina, Bolivia and Chile that have critical and strategic minerals.

The company has been mandated to identify and acquire overseas mineral assets of critical and strategic nature such as lithium and cobalt.

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"In order to ensure mineral security of the nation and to attain self-reliance in the area of critical & strategic minerals, the Ministry of Mines has created a joint venture company namely Khanij Bidesh India Ltd (KABIL) with participating interest of National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL)," the ministry said in a statement.

This initiative, aimed at giving further fillip to Aatmanirbhar Bharat, will cater to the requirements of crucial sectors such as e-mobility, renewable energy, medicine, aerospace and aviation.

The primary interface is the respective embassies and missions of India in those countries for sharing of information primarily with state-owned organisations for taking up due diligence and investment decisions with respect to prospective mineral acreages.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)