NMDC Begins Talks with Rosatom on Russian Lithium Investments

Indian state‑run miner NMDC Ltd. has begun preliminary talks with Russia’s state nuclear corporation Rosatom to explore investment in Russian lithium projects. NMDC officials travelled to Russia last month for a conference and met Rosatom representatives, three insiders said. The officials also discussed lithium mining and processing possibilities with other Russian firms, the sources added. Rosatom declined to comment but a spokesperson said the company was not currently in talks with NMDC. NMDC did not reply to Reuters requests for comment. Last year the miner said it was looking at acquisition opportunities for critical minerals in Africa, Australia and South America as part of a diversification drive. A 12‑member team has been set up to conduct due‑diligence on such assets. In a separate move, Prime Minister Narendra Modi’s cabinet approved an incentive scheme worth ₹28.14 billion (about $297 million) to expand domestic processing of lithium and nickel. The government notes that India’s processing capacity for critical minerals is still in its infancy and the country relies heavily on imports from China, Vietnam and Ecuador. Russia, despite large lithium reserves, has no commercial output yet. Rosatom and Russian miner Nornickel are developing the country’s biggest lithium deposit through their PolarLithium joint venture, with commercial production targeted for 2030.

Context

India’s push for lithium aims to reduce import dependence for its growing electric‑vehicle market, while the Russian venture shows how the country plans to turn its untapped reserves into export‑ready supply.