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16 Jan 2024 : PIB

By99notes

PRESS INFORMATION BUREAU

16-January -2024

1.India Signs Agreement for Lithium Exploration & Mining Project in Argentina.

Topic: GS2 – International Relations – Agreements involving India or affecting India’s interests.
Strategic India-Argentina lithium deal by KABIL marks UPSC-relevant milestone, securing resources crucial for sustainable energy and economic development.
Context:
  • India’s Ministry of Mines marks a historic moment with Khanij Bidesh India Ltd (KABIL) signing an agreement in Argentina for the first-ever lithium exploration project, securing critical resources for sustainable energy and industry development.

Additional information on this news:

  • On January 15, 2024, the Ministry of Mines, Government of India, achieved a significant milestone with the signing of an agreement between Khanij Bidesh India Limited (KABIL) and the state-owned enterprise of Catamarca province of Argentina.
  • The agreement was signed in Catamarca, Argentina, and marked the first-ever lithium exploration and mining project by a Government Company of India.
  • KABIL will be responsible for the exploration and development of five lithium brine blocks covering an area of about 15,703 hectares in the Catamarca province of Argentina.
  • The project cost is approximately 200 crores, and KABIL is preparing to establish a branch office in Catamarca, Argentina.
  • KABIL has obtained Exploration and Exclusivity Rights for the five blocks, allowing for evaluation, prospecting, and exploration.
  • Upon the existence/discovery of lithium mineral, exploitation rights for commercial production will be granted.
  • Argentina is part of the “Lithium Triangle” along with Chile and Bolivia, holding more than half of the world’s total lithium resources.
  • It is the 2nd largest in lithium resources, 3rd largest in lithium reserves, and 4th largest in lithium production globally.
  • The strategic move strengthens bilateral ties between India and Argentina and contributes to the sustainable development of the mining sector. It ensures a resilient and diversified supply chain for critical and strategic minerals essential for various industries.
Importance of Lithium in Modern Economy
  • Driving the green revolution: Electric vehicles rely on lithium batteries for clean, sustainable transportation, reducing our dependence on fossil fuels.
  • Powering the digital age: Lithium fuels rechargeable batteries in our laptops, smartphones, and wearables, keeping us connected and on-the-go.
  • Storing renewable energy: Lithium-ion batteries are revolutionizing energy storage, allowing us to capture and utilize solar and wind power efficiently.
  • Boosting industrial efficiency: Lithium batteries power tools and machinery in various industries, improving productivity and reducing downtime.
  • Medical advancements: Lithium plays a crucial role in pacemakers and other medical devices, improving healthcare outcomes.
  • Future innovations: Research on lithium-based technologies holds immense potential for next-generation batteries, aircraft, and beyond.
  • With its versatility and ever-growing demand, lithium plays a vital role in shaping the modern economy and paving the way for a more sustainable future. 
Practice Question: Critically analyze the strategic importance of Lithium for India’s energy security and economic development, outlining both opportunities and challenges. (250 words/15 m)

 

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