NALCO Invests In Lithium Exploration & Mining Projects In Argentina

Odisha-based public sector giant the National Aluminium Company (NALCO) is one of the largest integrated Bauxite-Alumina-Aluminium-Power Complex in Asia. This 44-year old Navratna is getting into Lithium exploration and mining, the much sought after minerals globally. It is learnt that NALCO is making lead investment in Lithium exploration covering five Lithium blocks in Argentina supporting India’s ‘Atmanirbhar’ strategy. NALCO’s CMD Sridhar Patra was in Argentina recently to finalise the investment plans. NALCO’s move to get into lithium exploration, popularly known as white gold, comes at the back of India’s whopping lithium import bill of Rs 23,171 crore for FY 2023. NALCO in its exchange filing said that these five lithium blocks in Argentina will cover an area of 15,703 hectare will entail an investment of Rs 200 crore. The Indian government-owned Khanij Bidesh India Limited (KABIL) has signed an Exploration and Development Agreement with CAMYEN, a state-owned enterprise of Catamarca province of Argentina, for exploration & mining of five Lithium blocks in Argentina.. Sources say, India’s entry into Argentina is the first strategic move. The larger strategy is to get into the Lithium Triangle through tie-ups, acquisitions, partnerships and long term leasing of lithium reserves spread across Argentina, Chile and Bolivia.