NEW DELHI: Coal India Ltd (CIL) has set its sights on Argentina as a destination in its strategic diversification into critical minerals, with a focus on lithium brine assets, an official said on Sunday.
Recognising the economic significance and strategic value of minerals like lithium (Li), nickel (Ni), cobalt (Co), and others, the Maharatna company has initiated steps to explore opportunities in key resource-rich nations such as Argentina, Australia and Chile.
"The state-owned mining behemoth has invited expressions of interest (EoI) from experienced consultants to conduct technical due diligence on lithium brine assets in Argentina," a senior Coal India official told PTI.
The selected consultant will undertake due diligence, an initial review process to assess the financial, strategic, and geological viability of the identified assets, he said.
Lithium brine is a concentrated salt solution containing dissolved lithium and other minerals. Lithium's high demand stems from its essential role in lithium-ion batteries, driven by the growing electric vehicle market.
CIL's foray into critical minerals is driven by the need to reduce its reliance on coal and align with global trends prioritising these minerals for clean energy technologies.
"Critical minerals are essential for electric vehicles, renewable energy systems, and advanced manufacturing, making them indispensable for India's future industrial strategy," a senior CIL official said.
The Centre, last year, listed 30 minerals, including lithium, nickel, titanium, vanadium and tungsten, as critical to drive the adoption of clean energy.
By venturing into the critical minerals business, CIL aims to secure a sustainable supply chain for these resources, supporting India's transition to a greener economy while reinforcing its global presence.
Argentina, with its rich lithium deposits, is poised to play a pivotal role in CIL's critical minerals strategy, marking a significant milestone in the company's diversification journey.
Last week, Coal India Limited (CIL) and IREL (India) Limited signed a non-binding Memorandum of Understanding (MoU) to collaborate on the development of critical minerals.
"This partnership aims to foster the development of critical minerals such as mineral sands and rare earth elements (REE). The two companies will join forces to acquire assets, source raw materials from domestic and international markets, and establish mining, extraction, and refining capabilities," the CIL official said.