In a landmark achievement, the Ministry of Mines, Government of India, has reached a significant milestone with the signing of an agreement between Khanij Bidesh India Limited (KABIL) and the state-owned enterprise of Catamarca province in Argentina, CATAMARCA MINERA Y ENERGÉTICA SOCIEDAD DEL ESTADO (CAMYEN SE). The agreement was signed on January 15, 2024, in Catamarca, Argentina, and witnessed by prominent officials from both nations.
The signing ceremony graced by the presence of Governor of Catamarca Lic. Raul Jalil, Vice Governor of Catamarca Eng. Ruben Dusso, Minister of Mines Catamarca H.E. Marcelo Murua, and Ambassador of India to Argentina H.E. Dinesh Bhatia, took place virtually with Union Minister of Parliamentary Affairs, Coal and Mines, Government of India, H.E. Shri Pralhad Joshi, and Secretary, Ministry of Mines, Government of India, Shri V. L. Kantha Rao attending online.
Addressing the occasion, Pralhad Joshi remarked, ‘This is a historic day for both India and Argentina as we are scripting a new chapter in bilateral ties with the Agreement signing between KABIL and CAMYEN. This step will play a crucial role in driving the energy transition for a sustainable future, ensuring a resilient and diversified supply chain for critical and strategic minerals essential for various industries in India.’
The agreement signifies the initiation of India’s first-ever lithium exploration and mining project by a Government Company, as KABIL embarks on the exploration and development of five lithium brine blocks—Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI. These blocks cover an extensive area of about 15,703 hectares in the Catamarca province of Argentina.
KABIL is also gearing up to establish a branch office in Catamarca, Argentina, as part of its commitment to the project. The total project cost is estimated to be around 200 crores.
With the agreement, KABIL secures Exploration and Exclusivity Rights for the five blocks to evaluate, prospect, and explore. Upon the discovery of lithium mineral deposits, it will obtain exploitation rights for commercial production. This strategic move not only enhances India’s lithium sourcing but also brings valuable technical and operational experience for brine-type lithium exploration, exploitation, and extraction.
Argentina, forming part of the “Lithium Triangle” along with Chile and Bolivia, boasts more than half of the world’s total lithium resources. The country holds the distinction of being the second-largest lithium resources holder, third-largest in reserves, and fourth-largest in production globally.
This historic move not only strengthens the bilateral ties between India and Argentina but also contributes significantly to the sustainable development of the mining sector. It ensures a resilient and diversified supply chain for critical and strategic minerals crucial for various industries, marking a pivotal step towards a sustainable and resource-efficient future.
