Indian state-run mining major NMDC is in preliminary talks with Russia’s Rosatom to invest in Russian lithium assets, Reuters has reported citing sources.
The reported talks come as India aggressively tries to secure critical mineral supplies to power its booming battery and electric vehicle (EV) sectors, and clean energy transition.
NMDC officials visited Russia last month to attend a conference and hold discussions with Rosatom, the report said. The miner is keen on exploring both lithium mining and processing opportunities in Russia.
The Indian company did not respond to the news agency. However, a Rosatom spokesperson told Reuters that it is not currently in talks with the Indian miner.
India relies heavily on imports from China, Vietnam, and Ecuador to meet its domestic lithium demand. The Federation of Indian Mineral Industries has noted that Russia could serve as a vital alternative source for the metal.
Russia holds vast lithium reserves but currently has no commercial production. However, two major projects – Polar Lithium and Arctic Lithium – are underway targeting commercial production by 2030.
NMDC is the single largest producer of iron ore and has interests in diamonds and niche minerals like magnesite and beach sands. It is scouting potential assets across Africa, Australia, and South America as it seeks to diversify into critical minerals.
New Delhi recently approved a $297 million capital expenditure support scheme to boost domestic processing facilities for lithium, nickel, and cobalt, whose import dependence it wants to reduce.
JSC Giredmet, a unit of Rosatom’s scientific division, agreed in May to collaborate with India’s Nexon Geochem Pvt Ltd and the Technology Innovation in Exploration & Mining Foundation on the production of rare-earth magnets.
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