Lower royalty rates may attract bidders for critical mineral blocks, but without domestic refining capacity, India’s clean-energy and electronics supply chains will remain import-dependent, say industry experts.
The world's fastest-growing major economy, India has launched efforts to secure critical minerals from resource-rich nations such as Congo, Mongolia and Zambia to help energy transition efforts and fill growing demand from its industries.
Industry players reckon that the move by the Finance Minister is pivotal and will substantially lower the production costs of battery cells, directly translating into more affordable electric vehicles (EVs) for consumers
India’s share in global reserve of critical minerals such as cobalt, nickel, and graphite are low, the article stated
Magnets in Apple devices will use recycled rare earth elements, and in-house designed printed circuit boards will use recycled tin soldering and gold plating, the company said.
Electric vehicles typically use cathodes made from nickel, cobalt and manganese, but there are alternatives such as lithium iron phosphate that do not need cobalt.
The iPhone maker is seeking contracts to buy several thousand metric tons of cobalt for five years or longer, Bloomberg reported, citing an anonymous source.