https://www.miningweekly.com

Indian State-run JV to scout for overseas assets

28th January 2019

By: Ajoy K Das

Creamer Media Correspondent

     

Font size: - +

KOLKATA (miningweekly.com) – The Indian government has formally approved a joint venture (JV) of State-run mineral companies exclusively dedicated to acquiring strategic mineral assets overseas.

Christened Khanij Bidesh India Limited (Kabil), the JV partners to pick up equity will include, National Aluminium Company Limited (Nalco), Hindustan Copper and Mineral Exploration Corporation.

The venture has been mandated by the government to acquire strategic mineral assets overseas with particular focus on lithium and cobalt, two critical inputs for the government’s push towards electric vehicles and the ramp-up of lithium-ion battery manufacturing capacities within the country.

The venture will also be focused on mineral assets in Africa, which could include outright purchases of mineral blocks on the continent or picking up equity stakes in existing mining companies, with the provisions to buy back part of the production, officials familiar with the formation of the new entity have said.

The other strategic metals India is interested in include tin, tungsten, gallium, lniobium, selenium and indium.

The new company is also expected to pick up the thread from Nalco, which has already initiated a move to scout for bauxite assets and linked refining capacities in New Guinea, off the Australian coast.

Nalco has set up an internal task force to explore opportunities to acquire bauxite assets in New Guinea, which is known for high-quality low silica grade bauxite. Kabil is expected to follow up on groundwork already completed by its partner, Nalco.

Kabil, which will be fully set up before the end of March, is also a front-runner for work in Bolivia, taking up the Latin American country’s offer to mine lithium with an agreement to buy back and ship to India. In talks held last year, the Bolivian government insisted that a project be based on a government-to-government basis and hence Kabil, as an Indian government-owned entity, would suit such a precondition, officials said.

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

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