An Indian government source told Reuters that the country is in talks with Mongolia to set up a preliminary pact that will focus on mineral shipments between the two Asian nations.
“The pact with Mongolia will focus on transit of minerals” such as coal and copper, said the source, who did not want to be identified as the deliberations are not public.
The news agency reported that the discussion comes at a time when multiple Indian steelmakers, such as JSW Steel and SAIL, are also in talks with Mongolia to import coking coal.
Separately, the source said India is exploring lithium in the Himalayan region of Jammu and Kashmir, and expects it to be ready to be auctioned in two months.
Beyond domestic borders, India is exploring critical minerals in Russia, Mongolia, Chile and Zambia, the source added.
Source: Reuters