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Indian state-run miner NMDC Ltd is in talks with Russia’s Rosatom to invest in Russian lithium projects, three people familiar with the matter said, as India steps up efforts to secure supplies of the metal for its battery and EV industries.
NMDC (NSE: NMDC) officials visited Russia last month for a conference and also held talks with state nuclear firm Rosatom, two of the people said.
The third person, who also confirmed that company officials had met with Rosatom, said NMDC was keen to explore lithium mining and processing opportunities in Russia and had also held discussions with other Russian companies.
All three people, who asked not to be named as the talks were confidential, said discussions between NMDC and Rosatom remain preliminary.
A Rosatom spokesperson did not address Reuters queries about the meetings last month but said the Russian company was not currently engaged in talks with NMDC.
NMDC did not respond to a Reuters request for comment.
NMDC hunts acquisitions, government wants more processing
NMDC said last year it was exploring acquisition opportunities for critical minerals in Africa, Australia and South America as part of its global mineral diversification strategy.
It has formed a 12-member team to carry out due diligence on potential critical mineral assets, one of the people said.
Last week, Indian Prime Minister Narendra Modi’s cabinet approved an incentive policy worth 28.14 billion rupees ($297 million) to boost domestic processing of lithium and nickel.
India’s domestic processing capacity for critical minerals, including lithium, remains at a nascent stage, the government has said, leaving it heavily dependent on imports. It currently meets lithium demand primarily through imports from China, Vietnam and Ecuador.
Despite possessing large lithium reserves, Russia currently has no commercial production.
Rosatom and Russian miner Nornickel, however, are developing the country’s largest lithium deposit through their Polar Lithium joint venture, with commercial production expected to begin by 2030.
The US imposed sanctions on Polar Lithium and dozens of other Russian entities and individuals early last year.
The second-most advanced lithium project in Russia is Arctic Lithium, a venture owned by private Russian companies that is developing the Polmostundrovskoye lithium deposit in the Murmansk region. Arctic Lithium is also expected to begin commercial production by 2030.
Russia could in future provide a welcome alternative to India’s current lithium supply origins, the Federation of Indian Mineral Industries said.
“We should explore opportunities for long-term lithium supply arrangements and encourage Indian companies to engage with Russian companies in mining, processing and refining projects,” a spokesperson for the industry body said.
(Reporting by Neha Arora in New Delhi and Anastasia Lyrchikova in Moscow; Editing by Mayank Bhardwaj and Joe Bavier)
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