Khanij Bidesh India (KABIL)
Ministry of Mines has created a joint venture (JV) company called “Khanij Bidesh India (KABIL)” with participating interest from Hindustan Copper (HCL), National Aluminium Company (NALCO), and Mineral Exploration Corporation (MECL).
- The equity participation ratio of the JV company is- 40 (NALCO): 30 (HCL) :30 (MECL).
- This move by government aims to ensure a committed supply of raw materials, particularly for renewable energy (RE) and e-mobility sectors.
- India is currently working on acquiring mines of strategic minerals like cobalt and lithium in producing countries including Argentina, Australia, Bolivia and Chile.
- India has now decided to acquire lithium & cobalt mines in South America and Australia.
Why KABIL has been created?
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.
Significance of the move
This initiative is aimed at giving boost to Atmanirbhar Bharat. It will cater to the requirements of crucial sectors including RE, e-mobility, aerospace, medicine, aviation etc.
Shortlisted countries to explore possibilities of mineral asset
On the basis of commissioned study and selection criteria, some countries have been shortlisted to explore possibilities of mineral asset acquisition abroad. Currently KABIL is engaged with source countries like Australia, Argentina, Bolivia and Chile.
KABIL had signed a non-binding memorandum of understanding (MoU) with 3 State-owned Argentinian organisations in July, September and December to share information regarding prospective mineral acreages.
Category: Economy & Banking Current Affairs - 2022
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