NMDC said to be in talks with Russia’s Rosatom over lithium investments

Indian state-run miner NMDC Ltd. is in talks with Russia’s Rosatom to invest in Russian lithium projects, three people familiar with the matter said, as India steps up efforts to secure supplies of the metal for its battery and EV industries.

NMDC officials visited Russia last month for a conference and also held talks with state nuclear firm Rosatom, two of the people said.

The third person, who also confirmed that company officials had met with Rosatom, said NMDC was keen to explore lithium mining and processing opportunities in Russia and had also held discussions with other Russian companies.

All three people, who asked not to be named as the talks were confidential, said discussions between NMDC and Rosatom remain preliminary. A Rosatom spokesperson did not address Reuters queries about the meetings last month but said the Russian company was not currently engaged in talks with NMDC.

NMDC did not respond to a Reuters request for comment. NMDC said last year it was exploring acquisition opportunities for critical minerals in Africa, Australia and South America as part of its global mineral diversification strategy.

It has formed a 12-member team to carry out due diligence on potential critical mineral assets, one of the people said.

Last week, Indian Prime Minister Narendra Modi’s cabinet approved an incentive policy worth ₹28.14 billion ($297million) to boost domestic processing of lithium and nickel. India’s domestic processing capacity for critical minerals, including lithium, remains at a nascent stage, the government has said, leaving it heavily dependent on imports.

It currently meets lithium demand primarily through imports from China, Vietnam and Ecuador.

Despite possessing large lithium reserves, Russia currently has no commercial production. Rosatom and Russian miner Nornickel, however, are developing the country’s largest lithium deposit through their PolarLithium joint venture, with commercial production expected to begin by 2030.