Modi's Namibia trip to focus on critical minerals, uranium
Prime Minister Narendra Modi's trip to the southwestern African state of Namibia during his five-nation tour beginning Wednesday will help boost bilateral cooperation on diamond trade, harnessing critical minerals and uranium.
Several Indian diamond processing companies are present in Namibia and the PM's visit on July 9 could further boost bilateral cooperation in this sector, according to people familiar with the matter.
Namibia boasts of the world's richest marine diamond deposits, with estimates exceeding 80 million carats. Namibia's marine diamond deposits are the most significant globally, with estimated reserves far exceeding those found on land.
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Indian companies have invested in Namibia in mining, manufacturing, diamond processing and services sectors, with their total investment estimated to be more than $800 million.
Namibia does not sell rough diamonds directly to India. Namibian rough diamonds arrive in India via London, Antwerp and other places.
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Namibia also offers an opportunity for harnessing critical minerals, benefiting India's electric vehicle manufacturers, sources said. It has the potential to develop new mining projects for cobalt, lithium and rare earth elements. India is also seeking to secure uranium supplies from Namibia, which is a significant producer.
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