India revives talks with Zambia to invest in critical minerals, sources say
- India re-engages Zambia to invest in copper and critical minerals, a strategic move to meet its escalating demand for raw materials
NEW DELHI: India has resumed talks with Zambia to explore investment opportunities in copper and other critical minerals, two sources said, as New Delhi looks increasingly overseas for raw materials to meet rising demand from its rapidly growing economy.
Officials from India’s Ministry of Mines held preliminary discussions with Zambian officials on August 26, the two people familiar with the talks said, requesting anonymity because the discussions were confidential.
One of the sources said the two sides did not discuss a stalled project that had halted talks earlier.
Reuters reported in April that talks between India and Zambia had stalled over a lack of assurances from Lusaka on mining rights for an area of 9,000 square kilometres (3,475 square miles) awarded to India last year.
India’s Ministry of Mines did not respond to a Reuters request for comment. A spokesperson for Zambia’s Ministry of Mines said they could not confirm anything for now.
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Khanij Bidesh India Ltd, India’s main vehicle for securing critical mineral supplies overseas, is also evaluating investment opportunities in Australia, Brazil, Canada, Russia and Indonesia, and is in talks about a project in Malawi.
India has been in talks with several African countries to acquire critical mineral blocks on a government-to-government basis, while also exploring opportunities in Australia and Latin America.
Africa, and the Democratic Republic of Congo and Zambia in particular, can play an important role in meeting India’s growing requirements for copper and cobalt, said a spokesperson for the Federation of Indian Mineral Industries.
“We believe Indian companies should primarily be encouraged to pursue brownfield and near-production projects, along with long-term offtake arrangements,” the spokesperson said.
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India is the world’s second-biggest buyer of refined copper and its copper imports have risen sharply since the 2018 closure of Vedanta’s Sterlite Copper smelter. It may have to import 91% to 97% of its copper concentrates by 2047, the government has said.
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