In News: Khanij Bidesh India Limited (KABIL), expressed interest to partner with CAMYEN, Argentina recently for prospecting two areas identified with the objective of establishing projects for extraction of lithium in due course of time.
- KABIL has signed three MoUs with JEMSE, CAMYEN and YPF (Govt. Companies of Argentina) in July – Sep, 2020 to explore sourcing of lithium and other mineral assets in Argentina’s in la Aguada and El Indio in Catamarca.
- It also signed MoUs with Australia and Chile
- It is a Joint Venture Company set up with the participation of three Central Public Sector Enterprises namely, National Aluminium Company Ltd.(NALCO), Hindustan Copper Ltd.(HCL) and Mineral Exploration Company Ltd. (MECL).
- It was formed in 2019 for sourcing strategic minerals like lithium and cobalt from overseas locations.
- It is under the Ministry of Mines.
- The equity participation between NALCO, HCL and MECL is in the ratio of 40:30:30
- KABIL has been created in a bid to ensure India’s mineral security and to attain self-reliance in the area of strategic and critical minerals. KABIL has been mandated to identify and acquire overseas mineral assets like Lithium, Cobalt etc.
- KABIL ensure mineral security of the nation as well as help in realizing overall objective of import substitution.
- The KABIL would carry out identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting country’s requirement of these minerals.
- The sourcing of these minerals or metals is to done by creating trading opportunities, G2G collaborations with the producing countries or strategic acquisitions or investments in the exploration and mining assets of these minerals in the source countries.
- The new company will help in building partnerships with other mineral rich countries like Australia and those in Africa and South America, where Indian expertise in exploration and mineral processing will be mutually beneficial bringing about new economic opportunities.