India, central Asian countries express interest in joint rare earths exploration
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A file photo from October 2023 showing workers at a facility in Tianjin, China, that makes magnetic powders and products using rare earth metals.
PHOTO: SIM CHI YIN/NYTIMES
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NEW DELHI – India and five central Asian countries have expressed interest in jointly exploring for rare earths and critical minerals, they said in a joint statement on June 6 after the fourth meeting of the India-Central Asia Dialogue.
The announcement comes amid global alarm over China’s decision to curb exports
India and the central Asian countries – Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan – also called upon “relevant authorities” for an early meeting of the India-Central Asia Rare Earth Forum, which last met in September.
“The ministers also encouraged exchange of delegations to explore new areas of cooperation in critical minerals,” the statement said, adding that the sides agreed to hold their next meeting in 2026.
Rare earths are a group of 17 elements used in the creation of magnets that power motion for cars, cellphones, missiles and other electronics.
China mines about 60 per cent of the world’s rare earths and makes 90 per cent of rare earth magnets. Beijing, however, announced export restrictions on these in April as part of its sweeping response
India is holding talks with companies to establish long-term stockpiles of rare earth magnets by offering fiscal incentives for domestic production, as it looks to reduce dependence on shipments from China.
It also plans to launch incentives for recycling 24 critical minerals – a plan that is in the final stages of approval – as it looks to secure the minerals needed for green energy transition. REUTERS
