The Minister of Mining Industry, G Kishan Reddy, stated on Friday that the government will intensify efforts to support private entrepreneurs in the field of mineral extraction abroad.
Speaking at an event on advanced materials, critical minerals, and metals organized by the Confederation of Indian Industry (CII), he announced that the Ministry of Mining Industry is collaborating with the Ministry of External Affairs to provide 'support' to private entrepreneurs and partners in the mineral sector who are seeking opportunities in mineral-rich countries.
Reddy also specified that mineral officers have been appointed in embassies of all mineral-rich countries to facilitate the country's goal of ensuring the security of critical minerals abroad.
Business Standard previously reported that a little-known network of Indian and Indian-origin miners had acquired critical mineral assets overseas and required diplomatic support from the government. These miners obtained rights to explore critical mineral assets abroad but await more active institutional involvement from the state to realize their potential.
Reddy acknowledged the significance of the private sector's activities abroad in securing strategically important critical minerals. He urged Indian industry to participate more actively in the acquisition and development of mineral resources outside the country, emphasizing the need for competent companies both in India and abroad to work across the entire value chain.
The Minister added that India has acquired five lithium blocks in Argentina and is negotiating with 'several other countries' to finalize additional opportunities. Furthermore, partnerships have been established with several technologically advanced countries, such as Japan, Peru, the United Kingdom, and the USA.
Separately, Reddy mentioned that 58 companies selected under the government's incentive scheme for processing are ready to recover 96 thousand tons of critical minerals annually. He also noted that under the National Mission on Critical Minerals, the Geological Survey of India took on 300 critical mineral exploration projects this year, and four critical mineral processing parks are being developed jointly with the governments of the states of Gujarat, Maharashtra, Andhra Pradesh, and Odisha.
Jitendra Singh, Minister of Science and Technology, Earth Sciences, Prime Minister's Office for Personnel Matters, Public Grievances and Pensions, Atomic Energy, and Space, also spoke at the event. He highlighted initiatives such as the National Mission on Critical Minerals, the opening of the nuclear sector to private participation, and the RDI Fund of 1 lakh crore, calling for early industry involvement and advising potential partners to be kept informed of the project from the beginning.
Singh outlined five priorities, including investment, building domestic capacity, deepening partnerships, processing models, and a culture of philanthropy for research, while calling for partnership with the highest degree of integrity.