Who wants the precious mine? A lot is going on in India on critical minerals front

economictimes.indiatimes.com:

Lithium is the new gold. This soft, silvery white metal is essential for a range of products — from batteries of electric vehicles, mobile phones and laptops to hydrogen fuel storage, air conditioning systems and pharmaceuticals. Even though a vast array of industries hinges on this single metal, India does not produce even a kilogram of it.

Recently, India announced the discovery of 5.9 million tonnes of lithium reserves in Jammu and Kashmir and the government is contemplating amending laws to pave the way for private miners to dig it up. But that may take a while. For now, India imports lithium, and it relies mainly on China and Hong Kong.

China accounted for 73% of India’s imports of lithium-ion — which is used in batteries — in 2020-21. Add Hong Kong and India’s import reliance on them shot up to a staggering 96%. Besides lithium, there are several critical minerals such as cobalt, nickel, vanadium, niobium, germanium, rhenium, tantalum and strontium, which India imports entirely.

Then there are others such as copper, gallium, graphite, phosphorus, potash, tin, titanium and tungsten, which carry high economic significance as well as supply risks. All these metals have figured on the Government of India’s recent list of 30 critical minerals, which are instrumental to the country’s economic growth and national security. India Inc has applauded the move but wants a definitive policy that lays down guidelines for private engagement and which incentivises it to mine and process them.