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National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd and Mineral Exploration Co Ltd (MECL) have inked an agreement to set up a 40:30:30 joint venture company called Khanij Bidesh India Ltd (KABIL).
“The objective of constituting KABIL is to ensure a consistent supply of critical and strategic minerals to the domestic market. While KABIL will ensure the mineral security of the nation, it will also help in realising the overall objective of import substitution,” said Minister of Coal, Mines and Parliamentary Affairs, Pralhad Joshi, in a statement.
A Mines Ministry statement said: “KABIL will carry out the identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting the country’s requirement of these minerals.
“The sourcing of these minerals or metals is to done by creating trading opportunities, government-to-government collaborations with the producing countries or strategic acquisitions or investments in the exploration and mining assets of these minerals in the source countries. The new company will help in building partnerships with other mineral rich countries like Australia and those in Africa and South America, where Indian expertise in exploration and mineral processing will be mutually beneficial bringing about new economic opportunities.”
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