 |
| India is reportedly ready to join the Rare Earth Materials Club set up by the EU. (Source: Reuters) |
Preliminary discussions on the matter have begun and India is said to be ready to participate.
The Rare Materials Club is expected to bring together like-minded partners to strengthen the supply chain for “rare materials” related to green technology to reduce dependence on China and pool resources for self-reliance in the energy transition, a priority area for the US, most European countries and India.
Domestically, India is starting to mine rare earths. With the Mines and Minerals Amendment Act 2023 recently passed by Parliament , the government is all set to announce its first auction of rare earth blocks.
According to the Economic Times , the first group of rare minerals identified for exploration and processing in India are lithium, graphite and potash.
To meet its demand for lithium, a key mineral used extensively in batteries, India is almost entirely dependent on imports, mainly from China.
Graphite, an equally important material for the energy transition, has also been identified by India as having reserves in the state of Arunachal and will prioritize auctioning these mines.
Potash is another mineral that India wants to increase its mining capacity as the country is completely dependent on imports for this important input for its fertilizer industry.
Source
Comment (0)