New Delhi: KABIL was established as a joint venture company involving three Public Sector Undertakings (PSUs) to explore essential minerals worldwide, with NALCO taking the lead role in the partnership.
Khanij Bidesh India Ltd. (KABIL), a collaborative effort of NALCO Ltd., Hindustan Copper Ltd., and Mineral Exploration Company Ltd., has entered into a groundbreaking agreement with Argentina-based CAMYEN SE for the inaugural Lithium exploration and mining venture.
The agreement grants KABIL exclusive privileges for the assessment, prospecting, exploration, and, following the identification of Lithium, exploitation rights for commercial production in five Lithium brine blocks located in the Catamarca Province of Argentina.
These blocks, namely Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI, span across an extensive area of 15,703 hectares, incurring a cost of ₹200 crore, as reported by NALCO in an exchange filing.
Argentina, forming part of the “Lithium Triangle” alongside Chile and Bolivia, collectively holds over half of the world’s Lithium resources. Among these three nations, they rank second in Lithium resources, third in reserves, and fourth in production globally.
This strategic move by KABIL, established as a joint venture among three Public Sector Undertakings (PSUs) with NALCO as the lead partner, enhances India’s Lithium sourcing efforts. Additionally, it brings valuable technical and operational expertise for exploring, exploiting, and extracting Brine type Lithium.
As India seeks to bolster Lithium supplies, crucial for Electric Vehicle battery manufacturing, the discovery of Lithium deposits in Jammu & Kashmir last year marked a significant development. In November, the government invited bids for 20 critical mineral blocks, including Lithium and Graphite.
Notably, NALCO‘s shares rose by 3% on Monday, reflecting a remarkable 60% surge over the past 12 months. Despite a 2% decline on Monday, Hindustan Copper’s stock has doubled in value over the same period, underlining the growing interest and potential in the sector.