Khanij Bidesh India may acquire lithium asset in Australia: Rao

Khanij Bidesh India Ltd. (KABIL) hopes to acquire a lithium block in Australia this year, Mines Secretary V. L. Kantha Rao said on Saturday.

KABIL, a joint venture of three PSUs to scout for mineral assets overseas, has been working in Australia for the last year, he added. “KABIL has the responsibility to look at other countries. We have to increase our eªorts in Australia. We will have to ensure that during this nancial year, we target one more asset,” Mr. Rao observed.

But unlike Argentina, Australia would be a bit costly so the paid-up capital of KABIL will have to be increased. KABIL has a paid-up capital of ₹100 crore at present.

Lithium is the most important mineral for the energy transition, a fundamental component of lithium-ion batteries, which power electric vehicles and battery energy storage systems.