The Quad grouping has launched an ambitious initiative to ensure a stable supply of critical minerals under a broader goal to strengthen economic security amid concerns over China’s coercive tactics, including price manipulation and restrictions on the export of the vital resources.
The decision on rolling out the “Quad Critical Minerals Initiative” was announced after a meeting of foreign ministers of the member nations of the grouping in the US capital on Tuesday.
Critical minerals such as lithium, nickel and graphite are considered vital for high-end technology products, including electric vehicles (EVs), drones, and battery storage. China has been a dominant player in the critical minerals supply chain globally.
The meeting was attended by external affairs minister S. Jaishankar, US secretary of state Marco Rubio, Australian foreign minister Penny Wong and her Japanese counterpart Takeshi Iwaya.
NMDC offshore
State-owned iron ore producer NMDC is actively evaluating offshore acquisitions of critical mineral blocks, CMD Amitava Mukherjee said, adding that it will strengthen the company’s presence in the global value chain.
“NMDC has been actively evaluating acquisition opportunities across 10 strategic mineral assets globally and exploring critical mineral blocks in Africa, Australia & South America,” Mukherjee said.