Indian state-run mining company NMDC Ltd is in talks with Hancock Prospecting Pty Ltd, an Australian mining company, for lithium exploration and mining, according to a source who wished to remain anonymous. The source said that the discussions are in the early stages. India is keen on acquiring lithium reserves to meet its growing demand for electric vehicles (EVs) as part of its plan to reduce its dependence on oil. India plans to deploy 10,000 EVs by 2030 under the National Electric Mobility Mission Plan.
NMDC is also looking to export low-grade iron ore to China and may collaborate with another company to process and ship the ore to China, according to the source. The source said that the company is also expecting to receive forest clearances by June for diamond mining in the Panna area of Madhya Pradesh.
NMDC is India’s largest iron ore producer, and its operations include exploring minerals such as diamonds, gold, and lithium. The company is listed on the National Stock Exchange of India and the Bombay Stock Exchange. NMDC has a market capitalization of around $6.5 billion as of May 2023.
NMDC’s interest in lithium mining is part of India’s push to become self-sufficient in producing EV batteries. India is currently dependent on China for lithium-ion batteries used in EVs. The Indian government has set a target of producing 175 GW of renewable energy by 2022 and is keen on promoting EV use to achieve this goal.
