The Government of India is looking to auction its lithium reserves in the Union Territory of Jammu & Kashmir in the coming few weeks, says a media report quoting government sources. The auction will happen soon and some overseas miners have shown interest, the report adds.
India has been exploring ways to secure lithium supplies with the first lithium deposits of 5.9 million tonnes found in Jammu and Kashmir’s Reasi district in February 2023 during exploration by the Geological Survey of India (GSI).
The report also noted that Khanij Bidesh India Ltd (KABIL), a state-owned joint venture formed to look for minerals overseas, is in the final sages to secure a few lithium blocks in Argentina. Additionally, discussions are also underway with the Chilean government in order to secure lithium blocks.
Lithium is critical for making batteries of electric vehicles. A lithium battery has a high power-to-weight ratio and can deliver a lot of power while keeping the curb weight of the car low. It also works better in a variety of temperatures and is more energy-efficient. As a result, it is a safer and more dependable procedure than other ones.
Lithium reserves are a key component in India’s ambition to expand EV penetration by 30% by 2030. Currently, less than 1% of all new cars sold in the nation are electric vehicles.