India and Russia to Ink Critical Minerals Deal Amid Global Supply Race
India and Russia are set to sign a preliminary agreement on critical minerals within months. The deal will cover exploration, processing, and technological cooperation, with a focus on lithium and rare earth metals. Both countries aim to strengthen their supply chains as demand for these resources grows. India has been expanding its partnerships to secure critical minerals in recent years. Agreements with Argentina, Australia, and Japan are already in place, while talks with Peru and Chile continue. In 2023, the Indian government identified over 20 minerals as essential for its energy transition and industrial needs.
Russia, despite holding vast reserves—28.5 million tons of rare earth metals and over 650 million tons of rare metals—currently extracts very little. The country consumes around 3,000 tons of rare earth metals annually but produces just 50 tons, relying on imports for over 98% of its needs. President Vladimir Putin has pushed for change, ordering a development plan for the rare earth metals industry by December 1, 2023. India’s efforts to reduce dependence on China have led to new deals, including a 2024 lithium exploration agreement in Argentina. Another potential project in Mali, led by Russia’s Rosatom, remains under consideration if the political situation there stabilises.
The upcoming India-Russia agreement will mark another step in diversifying critical mineral supplies. For Russia, it could help unlock its underdeveloped reserves, while India gains a new partner in securing key resources. Both nations stand to benefit from deeper cooperation in this sector.
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