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Mahesh

27/09/24 09:51 AM IST

India joins US-led Mineral Security Network

In News
    • India is now formally a part of the Minerals Security Finance Network, a US-led initiative aiming to strengthen cooperation among members to secure supply chains for critical minerals. 
    Background
    • India had been inducted into the MSP, a US-led collaboration of these 14 countries that aimed to catalyse public and private investment in critical mineral supply chains globally.
    • The proposal to onboard India in the MSP initiative last year came after a strong diplomatic push mounted by New Delhi, given that there was considerable disquiet within sections of the Union government over the country not finding a place in the strategic partnership that was aimed at reducing dependency on China for securing critical minerals.
    • The concerns grew after the partnership, originally floated mid 2022, was expanded in early 2023 to include a new member, Italy.
    Rare earth materials
    • The MSP grouping, industry insiders said, is focused on the supply chains of minerals such as cobalt, nickel, lithium and also the 17 “rare earth” minerals.
    • While cobalt, nickel and lithium are required for batteries used in electric vehicles, rare earth minerals are critical, in trace amounts, in the semiconductors and high-end electronics manufacturing.
    • China is a strong player in this space and has created processing infrastructure in rare earth minerals and has acquired mines in Africa for sourcing elements such as cobalt.
    • Rare earth comprises 17 elements and are classified as light RE elements (LREE) and heavy RE elements (HREE).
    • Some REs are available in India such as lanthanum, cerium, neodymium, praseodymium and samarium, while others such as dysprosium, terbium, europium that are classified as HREE are not available in Indian deposits in extractable quantities.
    • Currently, there is an overwhelming dependence on countries such as China for HREE, which is one of the leading producers of RE with an estimated 70 per cent of the global production.
    • India is seen as a late mover in attempts to enter the lithium value chain, coming at a time when EVs are predicted to be a sector ripe for disruption.
    • The next couple of years could be an inflection point for battery technology – with several potential improvements to the Li-ion technology, and alternatives to this combination in various stages of commercialisation.
    Source- Indian Express

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