India wants copper and other critical minerals from Zambia
What's the story
India has resumed talks with Zambia to explore investment opportunities in copper and other critical minerals. The move comes as New Delhi looks outward for raw materials to meet the rising demand from its rapidly growing economy. Officials from India's Ministry of Mines held preliminary discussions with their Zambian counterparts on August 26, two sources familiar with the matter told Reuters.
Project update
Recent discussions did not touch upon stalled project
Notably, the recent discussions did not touch upon a stalled project that had previously halted the talks.
Back in April, Reuters reported that India-Zambia discussions had stalled due to a lack of assurances from Lusaka on mining rights for an area of 9,000 square kilometers awarded to India last year.
Global outreach
India diversifying its mineral supply sources
Khanij Bidesh India Ltd, the country's main vehicle for securing critical mineral supplies overseas, is also looking at investment opportunities in Australia, Brazil, Canada, Russia, and Indonesia.
The company is also in talks about a project in Malawi. This shows India's aggressive strategy to secure mineral resources from different parts of the world.
Mineral exploration
Government-to-government negotiations for critical minerals in Africa
India has been exploring critical mineral blocks on a government-to-government basis with several African countries.
The nation is also looking at opportunities in Australia and Latin America.
A spokesperson for the Federation of Indian Mineral Industries said Africa, especially the Democratic Republic of Congo and Zambia, could play an important role in meeting India's growing copper and cobalt requirements.
Import reliance
India's growing copper import dependency
India is the world's second-biggest buyer of refined copper. The country's copper imports have surged since Vedanta's Sterlite Copper smelter was shut down in 2018.
The government has said that by 2047, India may have to import between 91% and 97% of its copper concentrates.
This projection underscores the importance of securing stable mineral supplies from countries like Zambia.