Coal India and IREL sign MoU to collaborate on development of critical minerals
The two companies will work together to acquire assets, source raw materials both domestically and internationally, and develop mining, extraction, and refining capabilities.
Coal India and IREL sign MoU to collaborate on development of critical minerals
Coal India Limited (CIL) and IREL (India) Limited have signed a non-binding Memorandum of Understanding (MoU) to collaborate in the development of critical minerals. This agreement aims to promote the exploration and development of mutually agreed assets related to critical minerals, including mineral sands and rare earth elements (REE), as announced by Coal India.
The two companies will work together to acquire assets, source raw materials both domestically and internationally, and develop mining, extraction, and refining capabilities. This partnership is part of CIL's efforts to reduce India's dependence on imported critical minerals, such as lithium and cobalt.
CIL Chairman P.M. Prasad has previously emphasized the importance of securing mineral assets in India and abroad to support the country’s clean energy objectives. Additionally, the government announced a Critical Mineral Mission in the Union Budget 2024-25, which aims to expand domestic production, promote recycling, and incentivize the acquisition of critical mineral assets.
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