India's lithium hunt leads NMDC to Russia

Listen to this article in summarized format Listen Loading... × × Subscribe to Unlock AI Briefing and Premium Content New Year Offer 24 Hours Left Subscribe Now Already a member? Sign In What's Included Exclusive Stories Daily ePaper Access Smart Market Tools Curated Investment Ideas Ad-lite Experience Subscription Reuters NEW DELHI/MOSCOW: Indian state-run miner NMDC Ltd is in talks with Russia 's Rosatom to invest in Russian lithium projects, three people familiar with the matter said, as India steps up efforts to secure supplies of the metal for its battery and EV industries. NMDC officials visited Russia last month for a conference and also held talks with state nuclear firm Rosatom, two of the people said. Also Read: Rare earth magnet scheme: Coal India, IRP seek no sops The third person, who also confirmed that company officials had met with Rosatom, said NMDC was keen to explore lithium mining and processing opportunities in Russia and had also held discussions with other Russian companies. All three people, who asked not to be named as the talks were confidential, said discussions between NMDC and Rosatom remain preliminary. Live Events You Might Also Like: From rocks to riches: India’s unfinished critical minerals story A Rosatom spokesperson did not address Reuters queries about the meetings last month but said the Russian company was not currently engaged in talks with NMDC. NMDC did not respond to a Reuters request for comment. Also Read: Kazakhstan inks new deals to supply Uranium to Indian cos NMDC HUNTS ACQUISITIONS, GOVERNMENT WANTS MORE PROCESSING NMDC said last year it was exploring acquisition opportunities for critical minerals ⁠in Africa, ​Australia and South America as part of its global mineral ​diversification strategy. It has formed a 12-member team to carry out due diligence on potential critical mineral assets, one of the people said. Last week, Indian Prime Minister Narendra Modi's cabinet approved an incentive policy worth 28.14 billion rupees ($297 million) to boost domestic processing of lithium and nickel. India's domestic processing capacity for critical minerals, including lithium, remains at a nascent stage, the government has said, leaving it heavily dependent on imports. It currently meets lithium demand primarily through imports from China, Vietnam and Ecuador. Despite possessing large lithium reserves, Russia currently has no commercial production. Rosatom and Russian miner Nornickel, however, are developing the country's largest lithium deposit through their Polar Lithium joint venture, with commercial production expected to begin by 2030. The US imposed sanctions on Polar Lithium and dozens of other Russian entities and individuals early last year. The second-most advanced lithium project in Russia is Arctic Lithium, a venture owned by private Russian companies that is developing the Polmostundrovskoye lithium deposit in the Murmansk region. Arctic Lithium is also expected to begin commercial production by 2030. Russia could in future provide a welcome alternative to India's current lithium supply origins, the Federation of Indian Mineral Industries said. "We should explore opportunities for long-term lithium supply arrangements and encourage Indian companies to engage with Russian companies in mining, processing and refining projects," a spokesperson for the industry body said. Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on NMDC Rosatom lithium investments India battery industry critical minerals strategy lithium mining Russia battery EV industries India lithium supply agreements india russia (Catch all the Business News , Breaking News and Latest News Updates on The Economic Times .) Subscribe to The Economic Times Prime and read the ET ePaper online. ... more less (You can now subscribe to our Economic Times WhatsApp channel ) Read More News on NMDC Rosatom lithium investments India battery industry critical minerals strategy lithium mining Russia battery EV industries India lithium supply agreements india russia (Catch all the Business News , Breaking News and Latest News Updates on The Economic Times .) Subscribe to The Economic Times Prime and read the ET ePaper online. ... more less