India is at the final stages of formulating a scheme to develop a processing value chain in the country, and two critical minerals have been identified at the initiation for the same, Piyush Goyal, Secretary at the Ministry of Mines informed Friday.

Though not naming the two critical minerals, since the policy is awaiting government approval, he mentioned the policy would provide resilience the electric vehicle battery chain.

“We are in advanced stages for formulating a scheme to develop processing value chains for critical minerals,” he stated, adding, “We will share the details once it is approved but it will suffice to say the electric vehicle [EV] battery [chain] would receive a boost.”

Hindustan Copper to now take over four blocks in Chile

The senior bureaucrat also told reporters that state-owned Hindustan Copper Ltd (HCL) was to initially bid for one block in Chile, however, they would now be bidding for four blocks in the South American country.

“HCL was initially planning to take over one [copper] block in Chile,” he stated, adding, “Then we assessed our requirement of copper is large, and availability of copper is less, therefore, it was decided that they (HCL) should bid for four blocks in collaboration with other PSUs which they have done.”

For clarity, HCL would be leading a joint venture separately with NTPC Mining and Coal India for the Chilean blocks.

Mr. Goyal informed the agreement for taking over the blocks was in “final stages” and “progressing as per schedule”. “The Chilean government is to give our team the date for the visit to finalise the paperwork for this,” he informed.