India is joining the lithium hunt with Argentina

India inked an MoU with Argentina for lithium mining, another strategic move in securing critical minerals.

The why: Argentina is a lithium powerhouse. Part of the Lithium Triangle, the country holds 20% of the world’s 98 million tonnes of lithium reserves, ranking third in global reserves and fourth in production.

The Backstory: India has been steadily locking in lithium supply.

• Last year, Khanij Bidesh India (KABIL) acquired five lithium mines in Argentina.
• In 2022, India also struck a lithium exploration deal with Australia.

Bigger issue: India’s lithium dependency has skyrocketed, imports surged from 67% in FY15 to 97% in FY24. Today, almost 95% of this comes from China, and India is actively working to diversify.

At the same time, India is also exploring reserves in Jammu & Kashmir and Chhattisgarh to secure a domestic supply.

Zoom out: Lithium is the backbone of lithium-ion batteries, fueling everything from smartphones and laptops to EVs and renewable energy storage