India negotiates with Chile and Peru to secure critical minerals

India has initiated negotiations with Chile and Peru with the objective of securing the supply of critical minerals, particularly copper, within the framework of free trade agreement discussions, according to a source from the Ministry of Commerce.

According to an official document dated earlier this month, the Asian country plans to include a specific section on this resource in the treaty terms, in order to access specific volumes of copper concentrate, which is key to its industrial development.

Currently, more than 90% of the copper concentrate used in India is imported, and this reliance is projected to reach 97% by 2047.

The same source noted that the Indian government has been working with its international partners to reduce its exposure to the Chinese market with regard to essential minerals.

China, which accounts for about 90% of global rare-earth magnet production, imposed export restrictions in April as part of its response to the tariffs imposed by the United States.

In parallel, India – which has the world's fifth-largest reserves of rare earths and the third-largest automotive market on the planet – is designing a new plan to foster domestic magnet production, Reuters reported recently.

Source: Reuters