- 16 Jan 2024
- ICICI Securities
BREAKTHROUGH TO EXPLORE AND MINE 5 LITHIUM BLOCKS IN ARGENTINA
HINDCOPPER - 229 Change: 4.44 (1.97 %)News: The Ministry of Mines, the government of India, via the state-owned Khanij Bidesh India Ltd (a Joint Venture involving NALCO, Hindustan Copper, and Mineral Exploration Corp Ltd), has entered into an agreement with Argentina’s CAYMEN SE for the exploration and mining of five lithium brine blocks, with a project cost of ₹ 200 crores.
Views: This marks a positive development for NALCO and Hindustan copper (holding 40% and 30% stakes in JV, respectively), as the government has secured exclusive rights to evaluate, explore, and, upon the discovery of lithium minerals, exploration rights for commercial production across five lithium blocks. This move will strengthen its efforts to source lithium and diversify the supply chain for critical and strategic minerals essential to various sunrise industries in India.
Impact: Positive