Coal India plans Singapore trading hub in hunt for critical mineral assets, sources say
NEW DELHI: The world’s largest coal producer, Coal India Ltd, is setting up its first overseas trading office in Singapore, aiming to diversify into trading iron ore and critical and strategic minerals, two sources said. The move comes as Indian state-run companies step up efforts to secure overseas supplies of critical minerals such as lithium and bauxite in order to reduce dependence on China,…
Coal India, the world's largest coal producer, is establishing its first overseas trading office in Singapore, according to sources familiar with the plans. The move aims to expand into trading iron ore and critical and strategic minerals, as Indian state-owned entities intensify efforts to secure overseas supplies of minerals like lithium and bauxite to lessen dependence on China.
Coal India has submitted an application to register the Singapore office, which will also aid in acquiring mineral assets abroad, according to the sources, who requested anonymity due to the confidential nature of the discussions. The Singapore office will aid Coal India in expanding its critical minerals business, pursuing overseas asset acquisitions, and bolstering its iron ore business.
The company is exploring opportunities in Africa, Chile, and Canada. It is evaluating bauxite assets in Ghana and other African regions, rare earth minerals, and lithium in Chile, while also assessing opportunities in Canada and Australia for other critical mineral assets. Coal India gained entry into iron ore mining this month by winning an iron ore block in the eastern state of Odisha via a competitive auction.
Last week, Reuters reported that Coal India is contemplating acquiring a Canadian mining unit, Wealth Minerals, which has lithium mining assets in Chile, potentially granting access to a crucial battery metal used in electric vehicles and energy storage systems. Despite efforts to acquire strategic mineral resources abroad to support clean energy ambitions and manufacturing growth, India has had limited success thus far, securing only one overseas lithium exploration and mining agreement in Argentina in 2024.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
