Govt Pushes Private Sector To Secure Critical Mineral Assets Overseas: Minister

(MENAFN- IANS) New Delhi, Sep 11 (IANS) The government is encouraging private companies to acquire critical mineral assets overseas and bring raw materials to India as part of a broader strategy to strengthen supply security and reduce import dependence, Union Coal Minister G Kishan Reddy said on Friday.

Speaking on the sidelines of the CII Global Summit on Advanced Minerals, Reddy said the government is increasingly relying on private sector participation to secure access to critical minerals that are essential for sectors ranging from electronics and clean energy to defence and space technology.

"We are giving encouragement to the private sector. Through Indian embassies and foreign embassies in India, companies can go to mineral-rich countries for land acquisition, mining and semi-processing and bring raw materials back to India," he said.

The minister stressed that private firms have a key role to play in expanding India's global footprint in critical minerals, describing overseas acquisitions as a pressing requirement for the country.

Reddy told reporters that critical minerals have become central to global economic and industrial development and further added that India has signed several agreements in the sector and is engaging with multiple resource-rich nations to strengthen supply chains.

While domestic exploration activities have intensified, lithium remains scarce within the country, he said. To address this gap, India has acquired five lithium blocks in Argentina where exploration work is underway.

The government is also in discussions with Australia and Chile and is encouraging private companies to pursue overseas lithium assets, according to him.

"Government-to-government and private-to-private efforts are both progressing simultaneously," the minister said.

On the domestic front, the minister highlighted the National Critical Mineral Mission, under which incentives worth Rs 36,000 crore have been announced to support the sector.

He said India is also focusing on urban mining and recycling of e-waste, estimating that 25-30 per cent of the country's critical mineral requirements could eventually be met through recycled materials.

According to him, the government has shortlisted 58 entities from 125 applicants in the first phase of a recycling initiative backed by an outlay of Rs 1,500 crore.

He added that four mineral processing plants are being established in Maharashtra, Gujarat, Andhra Pradesh and Odisha to process imported minerals, domestic resources and recycled material.

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