New Delhi, Aug 2
A joint venture company namely Khanij Bidesh India Ltd. (KABIL) is to be 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).
The Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi said that the objective of constituting KABIL is to ensure a consistent supply of critical and strategic minerals to Indian domestic market.
While KABIL would ensure mineral security of the Nation, it would also help in realizing the overall objective of import substitution, he said.
The sustained source of mineral and metal commodities is imperative for the transportation and manufacturing segment. Recalling the commitment at the UN Climate Change Conference, Pairs, 2015, where India has pledged to reduce greenhouse gas emissions and opting a greener mode of transportation, the Minister said that the Prime Minister has been emphasizing upon Electric Vehicle Mobility. Shri Joshi, said therefore it is important to ensure energy storage through batteries. Further segments like Aviation, Defence and Space Research also require minerals with lower weight and high mechanical strength. Among such twelve minerals identified as strategic minerals, which have meagre resource base, Lithium Cobalt are significant.
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. The equity participation between NALCO, HCL and MECL is in the ratio of 40:30:30
The joint venture agreement was signed in the presence of Shri Pralhad Joshi, Hon’ble Minister of Mines, Coal and Parliamentary Affairs. Shri Anil Mukim Secretary (Mines) and other senior officers were also present.