In an effort to secure crucial mineral processing technology, the Ministry of Mines has begun bilateral negotiations with Russia. The program seeks to acquire breakthrough technologies required for the extraction and processing of important minerals, which are critical for a variety of high-tech, automotive, and defence applications.
This collaboration is part of a larger effort to attract investment in mining and metals, as well as to develop cooperation in mineral exploration. The first round of consultations occurred earlier this month. We are looking for Russian technology and partnership to explore and extract minerals in India.
The agreement comes at a time when India is stepping up its attempts to achieve self-sufficiency in the mining sector, notably in vital minerals. While significant amounts of foreign funding would be required to develop the minerals, India will also require the superior exploration techniques used by Russian corporations to identify new mineral treasures.
Russia is home to several major mining enterprises. Norilsk Nickel (Nornickel) is a leading producer of nickel and palladium, whereas Alrosa is the world’s largest diamond mining firm. According to Invest India, Alrosa has launched a representative office in Mumbai in the Bharat Diamond Bourse’s area. Polyus Gold is Russia’s top gold producer and rates highly on a global scale.
The mining collaboration with Russia has significant ramifications for India’s foreign policy efforts to secure new supplies of energy and minerals. This is because, in exchange for the mining technologies, Russia is eager to entice Indian investment in its resource-rich Far Eastern area, which includes large swathes of Siberia. Some of India’s major state-owned and private firms have already made investments in the region.