State-owned NMDC is in preliminary talks to invest in Russian projects as it scouts globally for critical minerals<\/p>\n
Indian state-run mining major NMDC is in preliminary talks with Russia\u2019s Rosatom to invest in Russian lithium assets, Reuters has reported citing sources.
\nThe reported talks come as India aggressively tries to secure critical mineral supplies to power its booming battery and electric vehicle (EV) sectors, and clean energy transition.
\nNMDC officials visited Russia last month to attend a conference and hold discussions with Rosatom, the report said. The miner is keen on exploring both lithium mining and processing opportunities in Russia.
\nThe Indian company did not respond to the news agency. However, a Rosatom spokesperson told Reuters that it is not currently in talks with the Indian miner.
\nIndia relies heavily on imports from China, Vietnam, and Ecuador to meet its domestic lithium demand. The Federation of Indian Mineral Industries has noted that Russia could serve as a vital alternative source for the metal.
\nRussia holds vast lithium reserves but currently has no commercial production. However, two major projects \u2013 Polar Lithium and Arctic Lithium \u2013 are underway targeting commercial production by 2030.<\/p>\n
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NMDC is the single largest producer of iron ore and has interests in diamonds and niche minerals like magnesite and beach sands. It is scouting potential assets across Africa, Australia, and South America as it seeks to diversify into critical minerals.
\nNew Delhi recently approved a $297 million capital expenditure support scheme to boost domestic processing facilities for lithium, nickel, and cobalt, whose import dependence it wants to reduce.
\nJSC Giredmet, a unit of Rosatom\u2019s scientific division, agreed in May to collaborate with India\u2019s Nexon Geochem Pvt Ltd and the Technology Innovation in Exploration & Mining Foundation on the production of rare-earth magnets.<\/p>\n","protected":false},"excerpt":{"rendered":"
State-owned NMDC is in preliminary talks to invest in Russian projects as it scouts globally for critical minerals Indian state-run mining major NMDC is in preliminary talks with Russia\u2019s Rosatom…<\/p>\n","protected":false},"author":1,"featured_media":40930,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":[],"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[4,6,3],"tags":[],"class_list":["post-40929","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-environment","category-politics"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t