A coal stockpile in Tuticorin, India. Khanij Bidesh and Coal India Ltd. have four mining concessions for rare earths in Latin America and India is speaking with Argentina, Peru and Bolivia to acquire more concessions. - Bloomberg
NEW DELHI: Supply agreements for critical minerals will dominate Indian Prime Minister Narendra Modi’s visit to Ghana, Namibia, Brazil, Argentina and Trinidad & Tobago starting Wednesday (July 2) as the South Asian country’s industry grapples with restricted supplies from China.
"We have achieved good progress in Argentina,” Dammu Ravi, secretary for economic relations in the Ministry of External Affairs, told reporters in New Delhi on Monday ahead of the five-nation tour. "India’s state-owned Khanij Bidesh India Ltd. and NMDC Ltd. are looking at partnerships in Africa.”
China, the world’s biggest producer of rare earth elements, has begun restricting exports of the minerals as it increasingly uses its dominance for geopolitical leverage. The export curbs on rare earth magnets - used in everything from mobile phones to electric vehicles - are worrying Indian automakers fearing disruption to production.
Khanij Bidesh and Coal India Ltd. have four mining concessions for rare earths in Latin America and India is speaking with Argentina, Peru and Bolivia to acquire more concessions, Periasamy Kumaran, secretary in India's foreign ministry, said. - Bloomberg
