KABIL Announces ₹200 Crore Investment for Securing Lithium Supplies in Argentina, Reveals Pralhad Joshi

India's KABIL (Khanij Bidesh India Ltd) is set to invest ₹211 crore ($25.712 million) over a span of five years for exploration stage activities in five lithium blocks located in the Fiambala area of Argentina. Pralhad Joshi, Union Minister of Mines, revealed that an exploration and development agreement with CAMYEN, a state-owned miner in Argentina's Catamarca province, is anticipated to be formalized later this month.

The KABIL board had previously approved the proposals for signing an exploration and development agreement with CAMYEN, the opening of a branch office in Catamarca, and the investment in exploration activities for the five lithium blocks in June of the preceding year. "Approval of the Ministry of Mines for the above proposals has also been received in December. As mutually agreed with CAMYEN, the agreement is planned to be signed in January 2024 in Argentina, marking the initiation of KABIL's maiden project," stated Minister Joshi.

Officials from the State-run KABIL, a joint venture involving NALCO, MECL, and Hindustan Copper Ltd, accompanied by representatives from NITI Aayog, explored potential cooperation in lithium mining assets during visits to Chile, Bolivia, and Argentina in October 2019. Subsequent discussions were initiated with Australia and Russia through diplomatic missions and embassies, as highlighted by Joshi.

In December 2020, an MoU was inked with CAMYEN to establish institutional cooperation for the joint development of lithium mining projects. This collaborative effort encompassed five brine-type lithium blocks located in the Catamarca province of Argentina, identified by the KABIL team. The upcoming agreement in January 2024 is expected to mark a significant milestone for India's engagement in lithium exploration and development on the global stage.

HBL