India and Sri Lanka Enhance Trade Relations in Essential Mineral Exploration
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Synopsis
India and Sri Lanka are enhancing their trade relations by focusing on bilateral cooperation in mineral exploration and mining, essential for both nations' economic growth. Key discussions highlighted the importance of critical minerals and the establishment of a framework for collaborative efforts in the mining sector.
Key Takeaways
- India and Sri Lanka are enhancing bilateral cooperation in mineral exploration.
- Critical minerals are essential for both nations' industrial growth.
- Focus on Sri Lanka's graphite and beach sand resources.
- India's National Critical Mineral Mission aims to secure vital raw materials.
- MoU on geology and mineral resources to be finalized.
New Delhi, Feb 15 (NationPress) On Saturday, India and Sri Lanka engaged in discussions aimed at enhancing bilateral collaboration in mineral exploration and mining, with a particular emphasis on securing critical minerals vital for the economic and industrial advancement of both nations.
During a meeting with Sunil Handunnetti, Sri Lanka's Minister of Industry and Entrepreneurship Development, Union Minister of State for Coal and Mines, Satish Chandra Dubey, recognized the necessity of fortifying partnerships in mineral exploration and mining opportunities available to Indian enterprises in Sri Lanka.
“India and Sri Lanka have a historic partnership, and our joint efforts in the mining sector will further deepen our economic connections. By collaborating, we can fully utilize our mineral resources, ensuring mutual growth and sustainability,” stated Dubey.
Attention was drawn to Sri Lanka’s extensive graphite and beach sand mineral resources, which possess significant potential in aiding the global transition towards clean energy, advanced battery technologies, and high-tech industries, as noted by the Ministry of Mines.
Dubey highlighted that India's National Critical Mineral Mission is focused on ensuring a consistent supply of vital raw materials such as lithium, graphite, nickel, cobalt, and copper to achieve the nation’s renewable energy objectives.
He mentioned that India is actively pursuing the establishment of mining rights for critical minerals, forming international alliances, and motivating Indian firms to acquire mineral assets worldwide.
The two sides held comprehensive discussions regarding exploration opportunities, technological partnerships, and investment prospects within these fields.
The potential for mineral exploration on a government-to-government level was also reviewed, with the Geological Survey of India (GSI) showing interest in performing mineral assessments in Sri Lanka.
Moreover, Sri Lanka urged India to promote company participation in the exploration and development of its beach sand and graphite resources.
The discussion also included the finalization of a memorandum of understanding (MoU) on ‘Cooperation in the Field of Geology and Mineral Resources’ between the Ministry of Mines and Sri Lanka’s Geological Survey and Mines Bureau.
Once completed, the MoU will establish a robust framework for enhancing collaboration in capacity building, mineral exploration, and advanced processing techniques.
He reiterated India’s commitment to assisting Sri Lanka in skill development, knowledge sharing, and modernizing its mining sector through both technological and financial support.
