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Business Insider
2 days ago
- Business
- Business Insider
Indian geologists head to Zambia to explore cobalt, copper under landmark 9,000km² deal
India has dispatched a team of geologists to Zambia to begin surveying a vast 9,000 square kilometre zone allocated for the exploration of critical minerals, including cobalt and copper. India dispatched geologists to Zambia to survey a vast area for critical minerals. The focus is on cobalt and copper exploration to support clean energy initiatives. Zambia's mineral reserves are pivotal for global energy transitions and economic partnerships. This move is part of India's accelerating efforts to secure key raw materials essential to its clean energy transition and electric vehicle (EV) manufacturing ambitions. The Indian geologists are focused on locating cobalt—a critical component in batteries for electric vehicles and mobile phones—as well as scouting for copper, which plays a vital role in power generation, electronics, and construction. According to Indian government sources cited by Reuters, the geological team will assess the mineral potential of the allocated land—an area roughly the size of Cyprus—over a multi-year program. Earlier this year, India announced plans to explore and mine critical minerals in the Democratic Republic of the Congo, Zambia, Tanzania, and Australia. Mines Secretary V.L. Kantha Rao said the government is working with an Indian mining firm - KABIL and other partners to secure mineral assets in these countries through diplomatic missions. " We will take two to three years in doing this exploration and we hope that after exploration we will be able to get the mining rights also," Rao said. According to sources, the geological team will conduct multiple visits to the African nation during the project's duration. Upon evaluating the region's mining potential, the Indian government plans to seek a mining lease from Zambian authorities and potentially partner with private companies for the development phase. Zambia's vast mineral deposits Zambia is Africa's second-largest copper producer, trailing only the Democratic Republic of the Congo. Earlier this year, Zambia agreed to grant India exclusive rights to explore this zone. The country also holds significant reserves of cobalt and other critical minerals that are increasingly vital to the global energy transition. However, the nation's mining sector has not fully lived up to its potential in recent years. Challenges such as underinvestment, policy uncertainty, and infrastructure constraints have hindered growth and deterred major international players. Despite these obstacles, Zambia remains a key target for countries seeking to diversify mineral supply chains away from traditional markets. With renewed government efforts to attract foreign investment and modernize the mining industry, Zambia is positioning itself as a strategic hub for the exploration and export of minerals essential to the global shift toward clean energy and digital technologies. As major economies seek to reduce dependence on China and diversify supply chains, countries like India are intensifying their outreach to resource-rich African nations. Zambia, which has been courting foreign investors to revive its mining sector, views partnerships like this as key to unlocking new revenue streams and boosting domestic capacity. Last year, U.S.-based KoBold Metals, backed by billionaires including Bill Gates and Jeff Bezos, announced the discovery of a major copper deposit in Zambia—an important milestone in the country's push to position itself within the global energy transition. At the same time, Zambia made strides in attracting electric vehicle (EV) investments, with Build Your Dreams (BYD), the world's largest EV manufacturer, expanding into the country through a partnership with Pilatus Electric Mobility Zambia Limited (PEM). Together, these developments signal rising investor confidence in Zambia's strategic position within the global EV supply chain, further showcasing the country's vast mineral potential and reinforcing the government's efforts to attract foreign investment aimed at reviving and expanding its mining sector.
Reuters
29-01-2025
- Business
- Reuters
India seeking energy, lithium investments in Argentina
BUENOS AIRES, Jan 29 (Reuters) - India is looking to expand its investments in Argentina's mining, gas and oil sectors, with a focus on lithium, to secure resources needed for its energy transition, the country's mining secretary told Reuters. Secretary V.L. Kantha Rao visited Buenos Aires for the first in-person meeting with Argentine counterparts since the two countries tied up a preliminary agreement in 2022 on mineral exploration, critical minerals supply and technology development. Indian state firms Khanij Bidesh India Ltd (KABIL) and Coal India ( opens new tab, along with private company Greenko, are already exploring lithium in Argentina's northwest province of Catamarca, on the border with Chile. "We hope that in the next six months there will be a new announcement," Rao told Reuters at an event at the Indian embassy in Argentina on Tuesday, where he added that there is interest in other nearby provinces such as Salta. India, a major greenhouse gas emitter, is securing key minerals in resource-rich nations like Australia, Argentina, and Chile. Prime Minister Narendra Modi's government has identified 30 critical minerals, including lithium, for its clean energy push. "India has a very ambitious plan to transition many vehicles to electric. We aim to convert 30% of our vehicles by 2030," India's ambassador to Argentina, Dinesh Bhatia, told Reuters. Indian officials, who will visit Catamarca and meet Argentine Economy Minister Luis Caputo, touted potential benefits from the Latin American nation's so-called Large Investment Incentive Regime (RIGI), which offers tax benefits for investments over $200 million. "We want a stable (framework), not one that changes every five years," Rao told reporters. "Right now, policies are investment-friendly, and companies are coming." Argentina, the world's fourth-largest lithium exporter, is part of the "lithium triangle" with Chile and Bolivia. President Javier Milei is pushing deregulation to attract investment and ease a prolonged economic crisis. India is also eyeing investments in Argentina's copper, gold, gas and oil resources. Last week, Argentina's state-controlled oil firm YPF ( opens new tab signed a memorandum of understanding with three Indian companies for potential liquefied natural gas (LNG) exports.
