Coal India Ltd. and IREL (India) Ltd. on Monday signed a non-binding Memorandum of Understanding to cooperate and collaborate on the development of critical minerals. The MoU aims to promote the development of mutually agreed assets of critical minerals, including mineral sands and rare earth elements, Coal India informed bourses The two companies will work together to acquire assets, source raw materials domestically or internationally, and develop mining, extraction, and refining capabilities, Coal India officials said.
This partnership is part of CIL's efforts to reduce India's import dependence on critical minerals including lithium and cobalt.
CIL Chairman P M Prasad in the past emphasised the importance of acquiring these mineral assets in India and abroad to support the country's clean energy goals.
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The government in the Union Budget 2024-25 had announced Critical Mineral Mission that aims to expand domestic production, recycling, and incentivise the acquisition of assets.
India is one of the few countries capable of producing rare earth elements, and IREL has been aiming for self-sufficiency in mining, processing, and refining these elements.
Currently, China is the dominant player in critical minerals, officials said.
However, the development of critical minerals also raises environmental concerns, as refining and processing require a significant amount of water and can lead to water depletion and air pollution.
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