Boosting Critical Mineral Self-Sufficiency: CIL and IREL's Strategic MoU

Coal India Limited and IREL (India) Limited have signed a non-binding MoU to collaborate on developing critical minerals, including mineral sands and rare earth elements. This collaboration aims to reduce India's import reliance on minerals like lithium and cobalt and is part of the government's broader strategy to achieve self-sufficiency in critical mineral production.

In a significant move to bolster India's resources in critical minerals, Coal India Limited (CIL) and IREL (India) Limited have inked a non-binding Memorandum of Understanding to collaborate in developing mineral assets.

The partnership reflects a concerted effort by CIL to cut down on India's reliance on foreign imports of key minerals such as lithium and cobalt, in alignment with the nation's clean energy objectives.

Announced as part of the Union Budget 2024-25, the Critical Mineral Mission places focus on expanding domestic production and recycling capabilities, a necessity given the environmental concerns associated with mineral extraction and processing. Currently, China maintains a leading edge in this sector.

(With inputs from agencies.)