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India’s state-owned NMDC is apparently in preliminary talks with Russia’s Rosatom to invest in Russian lithium assets. The reported talks come as India is becoming increasingly assertive in securing critical mineral supplies to power its booming battery and electric vehicle (EV) sectors, and its transition to clean energy.
NMDC, formerly the National Mineral Development Corporation, is an Indian public sector undertaking involved in the exploration of iron ore, rock, gypsum, magnesite, diamond, tin, tungsten, graphite, and coal.
NMDC officials apparently visited Russia last month to attend the International Conference on Mining Geology and Engineering Practices that was held in Rostov-on-Don. The company is keen on exploring both lithium mining and processing opportunities in Russia. Neither NMDC nor Rosatom have commented on the reports. NMDC are a listed company in India and will not comment on their activities until hard deals are signed.
Lithium is a soft, silvery-white metal and a key ingredient in rechargeable batteries, including those that power electric vehicles (EV) and support the clean energy transition. The largest global use of lithium, accounting for 87% of total demand, is the manufacturing of rechargeable batteries for electronics, EVs, and grid storage.
India relies heavily on imports from China, Vietnam, and Ecuador to meet its domestic lithium demand. The Federation of Indian Mineral Industries has previously noted that Russia could serve as a vital alternative source for the metal. Russia holds substantial lithium reserves but does not currently have any commercial production. However, two major projects – Polar Lithium and Arctic Lithium – are underway, targeting commercial production by 2030.
New Delhi recently approved a US$297 million capital expenditure support scheme to boost domestic processing facilities for lithium, nickel, and cobalt, whose import dependence it wants to reduce.
There is precedence in Russia-India mining collaboration – JSC Giredmet, a unit of Rosatom’s scientific division, agreed in May to collaborate with India’s Nexon Geochem Pvt Ltd and the Technology Innovation in Exploration & Mining Foundation on the production of rare-earth magnets.
