Source: Press Information Bureau
The Ministry of Mines has set up a joint venture (JV) namely Khanij Bidesh India Limited (KABIL) with the participation of three central public sector enterprises. These are;
- National Aluminium Company Limited (NALCO)
- Hindustan Copper Limited (HCL) and
- Mineral Exploration Corporation Limited (MECL)
The objective of KABIL
To ensure a consistent supply of strategic minerals to the domestic market and work toward the overall objective of import substitution.
What are Strategic minerals?
Strategic minerals are those which are critical to the economy and defence of a country but are not available in that country in commercially viable quantities. India has identified 12 such minerals including lithium, cobalt, tin, tungsten, and selenium
Functions of KABIL
It will carry out identification, exploration, development, mining, and processing of strategic minerals overseas for commercial use and meeting India’s requirement of these minerals.
The minerals will be sourced in the following ways:
- Creation of trading opportunities
- Government-to-government collaborations with the producing countries, and
- Strategic acquisitions or investments in the exploration of mining assets in the source countries
The new company will help in building partnerships with other mineral-rich countries like Australia and those in Africa and South America, where Indian expertise in exploration and mineral processing will be mutually beneficial bringing about new economic opportunities.