India inks pact with IEA to bolster critical mineral sector

New Delhi: The Ministry of Mines on Wednesday signed a Memorandum of Understanding (MoU) with the International Energy Agency (IEA) on cooperation in the area of Critical Minerals used in the manufacture of electronic goods, electric cars and military hardware.

The collaboration will provide India with access to reliable data, analysis, and policy recommendations in the critical mineral sector, thereby enhancing its decision-making capabilities and ensuring strategic resource management.

The International Energy Agency (IEA) is an international organisation within the framework of the Organisation for Economic Co-operation and Development (OECD).

This collaboration will enable India to streamline its policies, regulations, and investment strategies in the critical mineral sector, aligning them with global standards and best practices.

“By learning from the experiences of other IEA member states and associated countries, India can accelerate its progress towards sustainable and resilient energy systems,” the Ministry of Mines said in a statement.

“The MoU with the IEA will also facilitate capacity building and knowledge exchange between India and the IEA member states. Collaboration on data collection, modelling, and analysis would enhance India's technical capabilities and institutional capacity in the critical mineral sector. Furthermore, the joint research projects, workshops, and training programmes carried out under this MoU will help in fostering collaboration and innovation in technology development, extraction techniques, and recycling methods for critical minerals,” the ministry added.

Approval for the proposal of signing the MoU between IEA and Govt. of India, Ministry of Mines was accorded by the Union Cabinet on October 3, 2024. The MoU has been signed by the Secretary, the Ministry of Mines, V. L. Kantha Rao, and IEA Executive Director Fatih Birol.

The MoU has been exchanged between Joint Secretary, Ministry of Mines, Vivek Kumar Bajpai, and Head of Energy Minerals Analysis, Tae-Yoon Kim. Union Minister of Mines, G. Kishan Reddy was also present at the signing ceremony at Shastri Bhawan in the national capital.

This collaboration marks a significant step towards securing India’s critical mineral resources while aligning with global best practices in the critical mineral sector, the statement said.