India keen to buy lithium & cobalt mines overseas
Published: Jun 22, 2018
By TIOLCORPLAWS News Service
NEW DELHI, JUNE 22, 2018: IN a bid to to come up with solutions to leverage in metals and mining sector with the changing global scenario, the Union Government has allowed 100% Foreign Direct Investment (FDI) in the sector and exploration of metal and non-metal ores under the automatic route.
Addressing the 7th India Minerals and Metals Forum here yesterday, the Joint Secretary Ministry of Mines, Mr Anil Kumar Nayak said that Power and cement industries were also aiding growth in the metals and mining sector. Demand for iron and steel is set to grow, given the strong growth expectations for the residential and commercial building industry. Exploration of the deep seated minerals needs to be focused, he added.
Mr Nayak also said that there is large number of small players in the mining business. He said India is deficient in lithium and cobalt. These two minerals are required for electric vehicle which is one of the major missions of Government of India. The government has initiated a proposal where NALCO, Hindustan Copper and MECL will form a joint venture to acquire lithium and cobalt mines abroad.