https://www.miningweekly.com
Business|Components|Defence|Energy|Export|Resources|supply-chain|Technology
Business|Components|Defence|Energy|Export|Resources|supply-chain|Technology
business|components|defence|energy|export|resources|supply chain|technology

India's Modi urges nations with critical minerals to see custodianship as 'global responsibility'

28th August 2023

By: Reuters

  

Font size: - +

NEW DELHI - Indian Prime Minister Narendra Modi said there is a risk of a "new model of colonialism" if nations with critical minerals do not regard custodianship as a "global responsibility", as firms race to secure resources central to energy transition goals.

"We are experiencing this challenge for critical materials, rare earths and others. These things are abundant in some places and not present at all in others, but all of humankind needs them," Modi said at a Business 20 summit in New Delhi on Sunday.

"The ones who have them, if they don't see that as a global responsibility, then this will promote a new model of colonialism. This is my warning," Modi said.

The comments come as adequate supplies of minerals critical for the transition to environmentally friendlier energy is far from assured amid challenges such as resources' uneven geographical diversification.

China accounted for 70% of world mine production of rare earths in 2022 and is home to at least 85% of global processing capacity. This year, it imposed export restrictions on gallium and germanium for use in computer chips and other components - a move widely seen as retaliation for US curbs on technology sales to China and which raised concerns over more restrictions.

Speaking to global business executives and industry heads, Modi said India could build an efficient and reliable supply chain, in contrast to the pre-Covid-19 supply chain that "broke down when the world needed it most".

Amid broader efforts to diversify supply chains, the US and India in June announced deals in sectors as varied as chips, minerals, technology, space and defence during Modi's visit to Washington.

Edited by Reuters

Comments

Showroom

Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 24 May 2024
Magazine round up | 24 May 2024
24th May 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.216 0.257s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: