KABIL-CMFO doing due diligence on Greenfield-Brownfield projects
India and Australia have committed an initial investment of US$6 million, on 50:50 basis, for to identify Lithium and Cobalt mineral resources in Australia as India seeks mineral security in the area of critical and strategic minerals.
These resources are required for crucial sectors such as e-mobility, renewable energy, medicine, aerospace, aviation among others, said the Ministry of Mines in a release on 29 Mar 2022.
An estimated timeline of six months have been envisaged for the due diligence process and further investment decisions.
Under aegis of the signed G2G MoU, the Government-owned Joint Venture Khanij Bidesh India Ltd (KABIL) and Critical Minerals Facilitation Office (CMFO) are carrying out joint due diligence of select Greenfield and Brownfield projects to identify Lithium and Cobalt mineral assets for final joint investment decisions. The acquisition of these assets in Australia will cater to the critical and strategic ecosystem of both the countries.
The Ministry said India is also engaged with resource-rich countries Argentina, Bolivia, Chile among others, especially the exploitation of Lithium in the huge tract of SALARs in Latin American countries. fiinews.com
