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The Ministry of Mines has started holding bilateral talks with Russia in an effort to obtain vital technology for processing minerals. According to officials, the initiative’s goal is to acquire cutting-edge technology required for the extraction and processing of important minerals, which are necessary for a number of high-tech, automotive, and defence applications.
This partnership is a component of a larger plan to encourage cooperation in mineral exploration and draw investment to the mining and metals industries.
“Earlier this month, the first round of consultations took place. An official stated, “We are looking for Russian technology and their cooperation in mineral exploration and mining in India.
Up until the time of going to press, official inquiries asking for specifics on the deal were not replied by the ministry of mines.
The partnership is being formed at a moment when India is stepping up its attempts to become self-sufficient in the mining industry, especially with regard to vital minerals. According to the source, India will need sophisticated exploration methods similar to those employed by Russian companies to find new mineral treasures, even though significant amounts of foreign funding will be needed to utilise the reserves.
This collaboration is thought to have the potential to find large mineral resources in India, expanding the nation’s resource base and reducing dependency on imports for key minerals.
Authorities noted that a number of the world’s top mining corporations are based in Russia. Of these, Alrosa is the biggest diamond mining firm in the world, and Norilsk Nickel (Nornickel) is notable as one of the biggest producers of nickel and palladium worldwide.
According to Invest India, Alrosa recently established a representative office within the boundaries of Bharat Diamond Bourse in Mumbai. Russia’s leading gold producer, Polyus Gold, is well-regarded internationally.
Severstal, a significant mining and steel company, and SUEK (Siberian Coal Energy Company), the biggest coal supplier in Russia and among the world’s biggest coal producers, are two more noteworthy businesses. SUEK announced last year that it was in discussions to create an office in India.
Mechel and EVRAZ are significant participants in the mining of coal and iron ore, and EVRAZ is a significant producer of steel. Leading producers of copper and zinc are Ural Mining and Metallurgical Company and RusAL is one of the biggest producers of aluminium worldwide.
India is allowing foreign investment in its mining ventures by bringing in Russian expertise. This financial inflow has the potential to spur innovation, increase output, and provide a large number of job opportunities in the industry.
In exchange for
The mining alliance with Russia will have a significant impact on India’s efforts to obtain new mineral and energy supplies through its foreign policy. This is because, according to Ministry of External Affairs officials, Russia is eager to draw Indian investments to its resource-rich Far Eastern area, which includes large portions of Siberia, in exchange for the mining technologies.
Since Prime Minister Narendra Modi travelled to Vladivostok in 2019 for the Eastern Economic Forum, the pace of talks has quickened. The authorities of the area had previously stated that there had been a 20 percent rise in trade turnover with India in the region, amounting to about $42 million.
The source mentioned that some of the biggest state-owned and private businesses in India have already started making investments in the area.
The largest of them are the 20% share that state-owned oil firm ONGC Videsh has in the Sakhalin-I oil and gas project; nevertheless, private companies like Tata Power are exploiting the Kamchatka Peninsula’s coal reserves.
In a joint venture with Chinese and South African companies, Sun Group is developing the Klyuchevskoy gold resource in Siberia.
The government of India is finalising the Chennai-Vladivostok marine commerce corridor in response to Moscow’s request that India increase its presence at the port of Vladivostok.
Group Media Publication
Construction, Infrastructure and Mining
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