"India Secures Ownership of Five Lithium Blocks in Argentina"

In a historic move, India's Mines Ministry, acting through Khanij Bidesh India Limited (KABIL), has formally entered into an agreement with Argentina's state-owned mining entity, Catamarca Minera Y Energetica Sociedad Del Estado (CAMYEN). CAMYEN, based in the Catamarca province of Argentina, will collaborate with KABIL on the exploration and development of five lithium brine blocks: Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI, encompassing an extensive area of approximately 15,703 hectares.

As part of the agreement, KABIL is set to establish a branch office in Catamarca, Argentina, with a project cost estimated at ₹200 crore over a five-year period for exploration and development. The deal grants KABIL Exploration and Exclusivity Rights for the specified lithium blocks, enabling the state-owned entity to evaluate, prospect, and explore the region. Furthermore, upon the discovery of lithium minerals, the agreement provides exploitation rights for commercial production.

This marks a significant milestone as it represents the first-ever lithium exploration and mining initiative undertaken by a government-owned company in India. Union Minister for Mines, Pralhad Joshi, emphasized the importance of the agreement, stating that it will not only bolster India's efforts to secure a domestic source of lithium but also bring valuable technical and operational expertise in brine-type lithium exploration, exploitation, and extraction.

India, with lithium requirements valued at around ₹24,000 crore, currently relies heavily on imports, predominantly from China. Often referred to as 'white gold,' lithium plays a pivotal role in India's transition to green energy solutions, being utilized in energy storage solutions, mobile phone batteries, and electric vehicles (EVs).

Argentina, part of the renowned "Lithium Triangle" alongside Chile and Bolivia, boasts more than half of the world's total lithium resources. Argentina holds the second-largest lithium resources, third-largest lithium reserves, and the fourth-largest production globally.

Expressing his sentiments, Minister Joshi declared the signing as a "historic day," underscoring its significance in strengthening bilateral ties. He highlighted the agreement's role in driving the energy transition for a sustainable future and ensuring a resilient and diversified supply chain for critical and strategic minerals essential for various industries in India.

The signing ceremony witnessed the presence of key figures, including the Governor of Catamarca Raul Jalil, the Minister of Mines Catamarca Marcelo Murua, and the Ambassador of India to Argentina, Dinesh Bhatia.

HBL