NALCO, HCL & MCL form KABIL for Exploration of Minerals Overseas
National Aluminium Company Limited, Hindustan Copper Limited and Mineral Exploration Corporation Limited, under Ministry of Mines have formed a Joint Venture company namely Khanij Bidesh India Limited.
KABIL has initiated engagement with several state owned organizations of the shortlisted source countries through Ministry of External Affairs and the Indian Embassies in countries like Argentina and Australia to acquire mineral assets overseas, primarily the critical & strategic minerals including Lithium, Cobalt & others and not Rare Earth Elements.
It may be mentioned that the contribution of Equity proportion among NALCO, HCL and MECL will be in the ratio of 40%:30%:30% respectively.
Twelve strategic minerals have been identified and the initial focus will be on Lithium and Cobalt. Preliminary due-diligence of identified assets shall be initiated soon.
Earlier in Feb 2019, NITI Aayog had cleared the proposal to form the JVC by the three CPSEs to acquire minerals which are not available in India.
It may be noted that KABIL will be amongst a handful of Companies in the Country for acquisition of mineral assets abroad.