The lithium deposits in Jammu and Kashmir, will be put up for auction in the coming weeks, says, the Media Report on Monday.
In February, India discovered its first lithium deposits, with an estimated reserve of 5.9 million tonnes, in Jammu and Kashmir. India has been looking into ways to secure the supply of lithium, a vital raw material used to create electric car batteries.
The Mines and Minerals (Development and Regulation) Act, of 1957, was amended by the union Cabinet in July of this year, paving the way for the commercial mining of six critical minerals, including lithium, beryllium, niobium, and others.
The source stated that some overseas miners have expressed interest and the auction will soon take place.
Furthermore, the source also added that KABIL, a state-owned joint company established to scout overseas minerals, was in the final stages of acquiring a few lithium blocks in Argentina.
Khanij Bidesh India Ltd. (KABIL) was established in August 2019 to locate, obtain, develop, and prepare strategic minerals for use in India.
Even though the talks were still in their early stages, negotiations with the Chilean government were also ongoing to secure lithium blocks.
The world's lightest and most pliable metal is lithium. The mineral transforms the stored chemical energy into electrical energy. One of the essential elements for batteries that power electric vehicles is the non-ferrous metal lithium.
Moreover, Australia generates 47% of the world's lithium, Chile generates 30%, and China generates 15%. India is dependent on imports of several minerals, including lithium, nickel, and cobalt. The country has recently tried to enhance the domestic supply of these crucial minerals, particularly lithium, which will be necessary for furthering its aims for electric vehicles.
Meanwhile, Vivek Bharadwaj, secretary of the Ministry of Mines, stated in June that India is optimistic about discovering more lithium reserves in Jammu and Kashmir, given the ongoing exploration effort in the Salal-Hamima region of Reasi. He also further stated that the ministry is in the process of formulating the reserve prices.