Lithium Reserves To Be Auctioned In Jammu And Kashmir In A Few Weeks, Overseas Miners Interested: Report

(MENAFN- Live Mint) "Indian government will auction lithium reserves in the Union Territory of Jammu & Kashmir in the coming few weeks, reported Reuters quoting government sources.
Also Read| India considers lithium mining royalty at 3% of LME price- govt sourcesThe Reuters report while quoting government sources close to the matter noted, \"The auction will happen soon and some overseas miners have shown interest\"
India has been exploring ways to secure lithium supplies with the first lithium deposits of 5.9 million tonnes found in Jammu and Kashmir in February this year. Lithium reserves were discovered during exploration by the Geological Survey of India (GSI) in the Reasi district of Jammu and Kashmir.
The report also noted that KABIL (short for Khanij Bidesh India Ltd), a state-owned joint venture formed to look for minerals overseas, is in the final sages to secure a few lithium blocks in Argentina. Moreover, discussions are also underway with the Chilean government in order to secure lithium blocksExciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!
Why is Lithium important?
Lithium is a raw material critical for making batteries of electric vehicles. The only alternative for electric cars is a lithium battery since it has a high power-to-weight ratio and can deliver a lot of power while keeping the curb weight of the car low. It also works better in a variety of temperatures and is more energy-efficient. As a result, it is a safer and more dependable procedure than other ones.Also Read| Why discovery of Lithium reserves in Jammu and Kashmir is a big dealLithium reserves are also a key component in India's ambition to expand EV penetration by 30% by 2030; as of present, less than 1% of all new cars sold in the nation are electric vehicles.

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