Shifting gears: India targets Australian lithium blocks after Argentina deal

Last Updated14/05/2024

India is going to secure lithium blocks in Australia as it aims to finalize a deal “likely within this fiscal year” through state-owned Khanij Bidesh India Ltd (KABIL).

Discussions are underway for two lithium blocks and three cobalt blocks in Australia.
The due diligence process will involve evaluating potential exploration sites and assessing the likelihood of significant lithium deposits.
Acquisitions in Australia will be slightly costlier than in Argentina, and financial requirements and details are being worked out.
This fast-tracked effort underscores India’s urgency to secure a critical resource for its burgeoning electric vehicle industry and reduce its reliance on Chinese imports.
- Lithium continues to be the corner-stone of India’s transition to green energy and reduction in its carbon footprint.
- Called ‘white gold’, lithium finds extensive usage across energy storage solutions, that include electric vehicles (EVs), car batteries and mobile phones, among others.
Majority of the country’s lithium needs are imported.
- According to data available with the Commerce Ministry, in FY23, lithium imports were worth ₹266 crore.
Earlier this year, India made its first overseas acquisition for five lithium brine blocks in Argentina, namely Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132 and Cortadera-VI,