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Saturday, Dec 2, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


India to auction 5.9 million tonnes of lithium reserves in Jammu and Kashmir

The country has also shown interest in foreign mining companies

India to auction 5.9 million tonnes of lithium reserves in Jammu and Kashmir
Pahalgam Valley in Kashmir. Photo by KennyOMG via Wikimedia Commons.

India is gearing up to auction its substantial lithium reserves located in the Jammu and Kashmir region, as disclosed by an anonymous insider to Reuters. The move comes in the wake of the Geological Survey of India’s recent revelation of an impressive 5.9 million tonnes of lithium deposits in the Salal-Haimana area.

While specifics about the auction remain undisclosed due to the sensitive nature of the discussions, the source hinted at the interest of foreign mining companies.

India’s growing interest in securing its lithium supply chain has also led to initiatives like the state-owned Khanij Bidesh India Ltd, which is actively exploring lithium deposits in Argentina. Additionally, early-stage negotiations are underway with the Chilean government regarding potential lithium block acquisitions.

These strategic efforts reflect India’s recognition of the pivotal role lithium plays in advancing clean energy and high-tech industries.

Read more: What are the top five largest lithium companies in the world?

Read more: Lithium-ion battery market set to reach $18.8B by 2032: Allied Market Research

Lithium is a highly sought-after mineral due to its pivotal role in powering modern technology and sustainable energy solutions. Its lightweight and high-energy density make it indispensable in lithium-ion batteries, which fuel everything from our smartphones and laptops to electric vehicles and renewable energy systems. With the global shift towards clean energy and the increasing popularity of electric vehicles, the demand for lithium continues to surge.

A new report by Allied Market Research has unveiled promising prospects for the global lithium-ion battery market, projecting it to reach a staggering $18.8 billion by the year 2032.

This versatile mineral also plays a vital role in aerospace, medical devices, and consumer electronics, contributing to longer battery life and improved efficiency. However, the popularity of lithium is tempered by environmental concerns related to its extraction, emphasizing the need for responsible and sustainable mining practices as the world relies more on this essential mineral to power our future.


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