NALCO, Hindustan Copper Spike After Lithium Mining Venture With Argentina-based CAMYEN SE
by Sandip Das on 16 January 2024, 3 min read
The share price of National Aluminium Company (NALCO) and Hindustan Copper jumped over 4 percent each in the morning session on January 16. This comes after the two companies along with Mineral Exploration Company, signed an agreement with Argentina-based CAMYEN SE.
According to a filing in BSE, The Ministry of Mines, Government of India announced a significant milestone achieved by Khanij Bidesh India Limited (KABIL) by signing an agreement with the state-owned enterprise of Catamarca province of Argentina CATAMARCA MINERA Y ENERGÉTICA SOCIEDAD DEL ESTADO (CAMYEN SE) at Catamarca in Argentina.
“With this agreement, KABIL has obtained exploration and exclusive rights for five blocks to evaluate, prospect, and explore and after the existence and discovery of lithium mineral, exploitation right for commercial production. This will not only boost its quest for sourcing lithium for India. It will also help in bringing in technical and operational experience for Brine-type lithium exploration, exploitation, and extraction,” the filing added.
“A joint venture company namely (KABIL), has been set up with the participation of three Central Public Sector Enterprises namely, NALCO, Hindustan Copper Ltd., and Mineral Exploration Company Ltd. (MECL) for exploration of critical minerals across the globe, with Navratna CPSE NALCO as the leading partner. This is a significant step towards critical mineral security for the Nation and a step towards ‘Aatmanirbhar Bharat’,” the filing said.
This is the first ever lithium exploration and mining project by a Government Company of India. KABIL will start the exploration and development of five lithium brine blocks – Cortadera-I, Cortadera-VII, Cortadera-VIII, Cateo-2022-01810132, and Cortadera-VI. These cover an area of about 15,703 hectares, located in the Catamarca province of Argentina.
KABIL is also preparing to establish a branch office in Catamarca, Argentina, with a project cost of about Rs 200 crore.
At 10:16 AM, NALCO was trading at Rs 140.70, up Rs 5.40 or 3.99 percent. Hindustan Copper was trading at Rs 266.85, up Rs 9.90 or 3.85 percent.
Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.
How useful was this post?
Click on a star to rate it!
Average rating 0 / 5. Vote count: 0
No votes so far! Be the first to rate this post.
Spread the love
Open Free Demat Account!
In just a few minutes, Simply provide some basic personal details, to get started.
As you are aware, under the rapidly evolving dynamics of financial markets, it is crucial for investors to remain updated and well-informed about various aspects of investing in the securities market. In this connection, please find a link to the BSE Investor Protection Fund website where you will find some useful educational material in the form of text and videos, so as to become an informed investor.