India now has become the newest partner of the US-led Minerals Security Partnership (MSP).
Key points
- The Minerals Security Partnership (MSP) is a global initiative by the US to bolster critical mineral supply chains. It is also known as the critical minerals alliance.
- It was announced by the US and other key partner countries in June 2022 with an aim to ensure that critical minerals are produced, processed and recycled in a way that helps countries secure a stable supply of critical minerals for their economies.
- It also aims to weaken China’s grip on supplies of critical minerals worldwide.
- The focus is primarily on the supply chains of critical minerals such as cobalt, nickel, lithium and the 17 “rare earth” minerals.
- India’s Epsilon Carbon Limited will invest $650 million in a greenfield electric vehicle battery component factory, which will be the largest ever Indian investment in the US electric vehicle battery industry.
Other facts
- The Democratic Republic of Congo have the largest cobalt production by country.
- Indonesia was the leading Nickel producing country (by volume) in 2021.
- Chile holds the world’s largest lithium reserves and is the world’s second-largest producer. Australia is the world’s biggest supplier, with production from hard rock mines.
