A joint venture named Khanij Bidesh India Limited (KABIL) has been formed with equity participation of National Aluminium Corporation Ltd. (NALCO), Hindustan Copper Ltd. (HCL) and Mineral Exploration Corporation Ltd. (MECL) with an objective to acquire, explore and mine critical and strategic minerals abroad for supply assurance of India. The Joint Venture Agreement was signed in the august presence of Pralhad Joshi, Minister of Coal, Mines and Parliamentary Affairs, Anil G Mukim, Secretary (Mines) and other senior officials of Ministry of Mines.
Joshi said that the entity KABIL will ensure mineral security and the overall objective of import substitution in the nation. Joshi also reiterated PM Modi’s emphasis on Electric Vehicle Mobility, and thus the requirements of storage batteries, which require the usage of critical metals like Lithium and Cobalt. Moreover, sectors like Aviation, Defence, and Space Research also require the critical minerals with lower weight but high mechanical strength. Sourcing of these minerals is to be done by creating trading opportunities, G2G collaborations with strategic acquisitions/ investments in exploration and mining of these minerals in the source countries, such as Australia, Canada and Latin American Countries.