By Kaushal Verma
Bengaluru (Karnataka) [India], November 29 (ANI): Deccan Gold Mines Ltd has entered into dialogues with potential partners in Kabul to tap into the Afghanistan’s mineral resources, including lithium, rare earth minerals, and gold, Managing Director Hanuma Prasad told ANI.
“We have been talking to a few people in Afghanistan for the last one to one-and-a-half years,” Prasad told ANI an exclusive interview. “There are entrepreneurs and authorities who have approached us, and we are in regular touch with them about possible business arrangements.”
Prasad said Afghanistan holds some of the world’s largest identified resources of lithium, rare earth elements and gold, mapped extensively during Soviet-era exploration. “Potential-wise it is very, very good,” he said, adding that India’s strategic need for critical minerals makes early engagement important.
On November 24, an Afghanistan delegation met Indian industry body ASSOCHAM and has offered its long-idle mining sites to India for exploration as part of its efforts to deepen economic engagement and generate local employment.
He said the main hurdles slowing progress are the lack of banking channels and uncertainty around regulatory procedures. “As of today, there are no banks that would transfer money. That needs to be sorted out,” he said. “We also need clarity on licensing and how they are going to handle permits.”
Prasad noted that while India has favourable ties with Afghanistan, governance and human-rights concerns remain. “There are issues, of course… but we hope things will improve. The mineral potential is definitely attractive,” he said.
He added that India remains heavily dependent on imports for rare earth magnets, with China controlling a lion’s share of the global supply.
Indian used to meet its domestic demand for rare earth minerals from China, but the neighbouring country restricted exports and made Delhi to plan and ramp up its local production.
Domestic output of 2,000-2,900 tonnes a year falls short of current demand of 4,000 tonnes, expected to rise to about 8,000 tonnes by 2030. Government plans to raise capacity to 6,000 tonnes annually by the end of the decade would bring India close to self-sufficiency, he said.
Recently, the Union Cabinet has approved the ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’ with a financial outlay of Rs 7280 crore. It aims to establish 6,000 Metric Tons per Annum (MTPA) of integrated Rare Earth Permanent Magnet (REPM) manufacturing in India. REPMs are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications.
Reacting to this, he said, “I think this is a very good step and a good step in the right direction because India is completely import dependent on these things and we are really squeezed by the Chinese, who produce about 90 per cent of the global supply is controlled by them. India needs to produce these things.”
Prasad also said Deccan Gold’s private gold mine in Andhra Pradesh has moved into production after successful trial runs, while trial production at its Kyrgyzstan project is set to begin this week. Drilling at a nickel-copper-platinum block in Chhattisgarh will start in December and is expected to take about a year before a resource is defined.
He said hard-rock rare earth prospects in the Northeast and Gujarat will take longer to develop, while beach sand rare earth deposits remain under government control due to radioactive content. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
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