KABIL Signs A $24 Million Deal For Lithium Exploration in Argentina

KABIL Signs A $24 Million Deal For Lithium Exploration in Argentina

On Monday, India’s state-owned firm, Khanij Bidesh India Ltd. (KABIL), signed a joint venture of $24 million with Argentina’s government-owned mining corporation, Catamarca Minera y Energética Sociedad del Estado (CAMYEN), for a lithium exploration pact for five blocks in Argentina.

The Federation of Mines confirmed that under the agreement, KABIL is granted exploration and development rights for commercial production of five lithium mines with a state-run firm in Argentina.

The Indian firm KABIL will begin the exploration and development of five lithium brine blocks: 1. Cortadera-I, 2. Cortadera-VII, 3. Cortadera-VIII, 4. Cateo-2022-01810132, and 5. Cortadera-VI. These blocks span an area of approximately 15,703 hectares. Meanwhile, the project is expected to cost approximately Rs. 200 crore.

KABIL is a joint venture business involving NALCO, HCL, and MECL, which sources minerals like lithium and cobalt from foreign locations.  The primary component of lithium-ion batteries is lithium, which is used in electric vehicles and battery energy storage systems.

Coal and Mines Minister Pralhad Joshi stated that this move would “ensure a resilient and diversified supply chain for critical and strategic minerals essential for various industries in India. Additionally, it will play a crucial role in driving the energy transition for a sustainable future.”