India’s northern federal territory of Jammu and Kashmir is to auction off a 5.9 million tonne reserve of lithium discovered in the area last month.
Making the announcement in parliament on Monday, the country’s mines minister Pralhad Joshi said: “The exploitation of lithium will depend upon successful auction of the mineral block.”
Also on AF: China Firms Rush To Distance Themselves From SVB Collapse
The block is the first known reserve found in the country of the key ingredient for electric vehicle (EV) batteries.
Its discovery in India comes at a time when the country is looking to strengthen its supply of critical minerals, including lithium, that will be crucial for furthering its EV plans.
India has so far depended mostly on imports for key EV battery minerals like lithium, nickel and cobalt.
- Reuters with additional editing by Sean O’Meara
Read more:
China’s Mining Probe Set to Cut World Lithium Supply by 13%
India Finds Huge Lithium Deposits For First Time in Far North
China’s CATL to Help Tap Into Bolivia’s Lithium Riches
The post India Territory to Auction 5.9 Million Tonne Lithium Reserve appeared first on Asia Financial.
