Critical minerals to top Modi's agenda in five-nation tour
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 July 2 as the South Asian country's industry grapples with restricted supplies from China.
'We have achieved good progress in Argentina,' Mr Dammu Ravi, secretary for economic relations in the Ministry of External Affairs, told reporters in New Delhi on June 30 ahead of the five-nation tour. 'India's state-owned Khanij Bidesh India 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.
Khanji Bidesh and Coal India 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 foreign ministry, said. BLOOMBERG
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