- Jan 17, 2023
India eyes Argentina copper and lithium mines to meet its domestic needs
With an aim to meet its internal requirements, India is looking towards Argentina's copper and lithium deposits. This is an important step taken by the Indian government to ensure the country's self-sufficiency in these minerals. The two lithium mines in Argentina are expected to help India meet its growing demand for lithium-ion batteries, which are used in various consumer electronics, lithium-ion battery for e-bike, and other electric vehicles.
The Copper Problem of India:
India is a major importer of copper, with the country importing tons of metal in 2019. This is mainly because India needs more copper reserves to meet its domestic needs. India is also the second-largest consumer of copper in the world, making it all the more important for India to secure overseas copper reserves.
The problem with India is that it needs more resources to meet its domestic needs. India is looking at overseas mines in Argentina to bridge the gap between domestic production and consumption. The two lithium mines in Argentina are expected to provide India with the much-needed reserves of rare metals.
An attempt to get a steady supply of lithium-ion batteries:
India is also looking at investing in the two lithium mines in Argentina to ensure that it has a steady supply of lithium-ion batteries. Lithium-ion batteries are used in various consumer electronics and electric vehicles, making them an important part of India’s growing economy.
India is also looking to secure overseas reserves of other minerals, such as manganese and iron ore, to meet its domestic needs. So it is great news for any lithium battery manufacturer. According to the sources, this attempt is a component of India's more extensive mission to acquire essential metals and minerals from the foremost producers in the world.
The establishment of KABIL
u KABIL, a business established by National Aluminium Company Ltd, Hindustan Copper Ltd, and Mineral Exploration Corp Ltd, is predicted to establish an installation in Argentina to mine and refine lithium, the sources divulged.
u Lithium is a fundamental part of the raw materials used to make electric vehicle batteries. As part of the government's broader effort to achieve its decarbonization aims, India has taken various steps to increase the sales of electric vehicles.
u S&P Global Mobility has predicted that India will become the third-largest market for passenger and light vehicles worldwide, outranking Japan. Additionally, India's demand for copper has risen significantly, although the country only produces 10-15% of its total need.
In 2022, India was expected to be one of the fastest-growing copper markets in the world, in contrast to the slowing demand for copper in other nations, including China, due to an overall sluggish global economy.
Overall, India’s decision to secure overseas copper and lithium mines in Argentina is a step in the right direction. It will help India meet its domestic shortfall and ensure a steady supply of minerals for its growing economy. India’s investment in the two lithium mines in Argentina will also help the country meet its growing demand for lithium-ion batteries.