India is holding consultations with Chile and Peru on the procurement of critical minerals

On July 15 (Tuesday), an official from India's Ministry of Commerce and Industry stated that India was engaging in consultations with Chile and Peru on the procurement of critical minerals, within the framework of ongoing free trade agreement negotiations.

According to a government document released earlier this month, due to the need to rely on imports to meet demand, India has planned to include copper in trade negotiations with these two South American countries to ensure a fixed supply of copper concentrates.

The document noted that India currently relies on imports for over 90% of its copper concentrate demand, and this dependency is projected to rise to 97% by 2047.

Foreign media reported last month that India, as the world's third-largest automotive market and fifth-largest holder of rare earth reserves, is embarking on a new initiative to incentivize domestic magnet production.

(Wenhua Comprehensive)