India is negotiating with Congo for a pact to source cobalt and copper. The mines ministry seeks clearance to send geologists for exploration. Congo is the top cobalt producer, crucial for batteries, with ongoing conflict complicating opportunities. India also plans to send a team to Zambia and faces a competitive landscape including U.S. interests in Congolese minerals.
India is enhancing its search for mineral resources globally and is currently negotiating with Congo for a memorandum of understanding aimed at sourcing cobalt and copper. This effort involves seeking clearance from the foreign ministry to allow a team of geologists to visit Congo. Notably, both nations have expressed mutual interest in the agreement, although specific details remain undisclosed due to the sensitive nature of the negotiations.
Congo is recognized as the leading global producer of cobalt, essential for batteries used in electric vehicles and mobile devices. In addition to cobalt, copper is crucial for various applications, including power generation, electronics, and construction. However, ongoing conflict in Congo, particularly involving rebels and local militias in resource-rich areas, could pose challenges for India’s mining ambitions.
According to Ritabrata Ghosh from ICRA Ltd, geopolitical issues in African countries often stall project timelines, further complicating India’s initiatives. Besides cobalt and copper, there is an understanding that extracting and processing these critical minerals involves significant technological investment and time post-discovery.
Additionally, India plans to dispatch a team to Zambia within two months. This follows recent reports of increased U.S. interest in forming partnerships with Congo regarding critical minerals, hinting at a competitive landscape for resource acquisition in the region. Furthermore, Congo recently enacted a temporary suspension on cobalt exports to manage oversupply in production.
India’s engagement with Congo for cobalt and copper sourcing reflects its commitment to securing vital mineral resources, despite geopolitical risks in the region. The planned sending of geologists reinforces India’s strategy for resource exploration while navigating market dynamics and regional stability concerns. The emphasis on technological readiness further highlights the complexity involved in mineral exploitation.
Original Source: m.economictimes.com
