New Delhi | Khanij Bidesh India Ltd (KABIL) hopes to acquire a lithium block in Australia this year, a top official said on Saturday.
KABIL, a joint venture of three PSUs to scout for mineral assets overseas, has been working in Australia for the last year, Mines secretary V L Kantha Rao said.
"KABIL (Khanij Bidesh India Ltd) has the responsibility to look at other countries. We have to increase our efforts in Australia. We will have to ensure that during this financial year, we target one more asset," Rao said at the inauguration of the registered office of KABIL here.
KABIL is owned by three public sector undertakings -- National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL).
"I am hoping that it should be Australia because we have been working (there) for the last year," he explained.
But unlike Argentina, Australia would be a bit costly so the paid-up capital of KABIL will have to be increased. KABIL has a paid-up capital of Rs 100 crore at present.
"We are authorised to go up to Rs 500 crore and I think we have approval of up to Rs 200 crore," he explained. Rao further said that target has been set to begin mining in the lithium blocks in Argentina in another two to three years.
Lithium is the most important mineral for the energy transition, a fundamental component of lithium-ion batteries, which power electric vehicles and battery energy storage systems.
The government had earlier said that India would pump in about Rs 200 crore to explore and develop five lithium mines in Argentina.
Argentina is part of the 'lithium triangle' along with Chile and Bolivia with more than half of the world's total lithium resources.
