Recently, it was announced that import tariffs on 25 critical minerals in India, including lithium and copper, will be eliminated. The move, unveiled by Finance Minister Nirmala Sitharaman during her budget speech for 2024-2025, is aimed at securing the supply of these critical resources for key sectors such as defense and telecommunications.
Critical Minerals in India: New Policies and Exploration
In addition, the Indian government plans to reduce tariffs on imports of precious metals such as gold, silver and platinum. such as gold, silver and platinum. According to Sitharaman, this initiative will encourage local processing and refining of these minerals, ensuring their availability for strategic and important sectors.
Simultaneously, India is stepping up its efforts to acquire minerals abroad, with particular interest in South America’s lithium and copper reserves. This year, the the nation signed an agreement for a lithium mining project in Catamarca, Argentina, reported Ambito.as reported in the Ambito portal. In addition, similar opportunities were explored in Chile, known for its rich deposits of these minerals.
Additionally, India is preparing to expand its search for key minerals to the deep waters of the Pacific. With plans to apply for exploration licenses from the International Seabed Authority (ISA) in 2025, India seeks to secure critical resources for its energy transition.
Follow us on social networks and don’t miss any of our publications!
YouTube LinkedIn Facebook Instagram X
Source: oilprice
Photo: Shutterstock
Loading...
