New Delhi [India], November 7 : Stressing that India needs to enhance the level of critical mineral exploration, Managing Director of Indian Metals & Ferro Alloys Ltd (IMFA) Subhrakant Panda said his firm is eyeing participation in the auction of the upcoming critical blocks of minerals across the country.
In an interview with ANI, Panda also called for joint ventures with countries engaged in critical mineral exploration to help secure the global supply chain.
His remarks came in response to a question on how China currently dominates the global rare earth and critical mineral market, particularly in terms of processing, and what India can do to strengthen its position in the sector.
"Critical minerals and rare earth elements have a wide range of uses from ordinary white goods all the way up to fighter aircraft and complex equipment. The facts speak for themselves: China currently dominates the landscape, both in terms of reserves and processing capabilities," Panda told ANI.
"Primarily, I believe we need to enhance the level of exploration within the country. There have been efforts indicating the presence of some of these essential elements in India, but we need to do more. The government is, in fact, prioritising exploration," he added.
India is trying to reduce its dependence by diversifying its supply chains and investing in domestic exploration, processing, and recycling initiatives. The Government of India, in April, launched the National Critical Mineral Mission (NCMM) to establish a robust framework for self-reliance in the critical mineral sector.
India plans to invest in exploring and acquiring critical mineral assets in resource-rich countries. PSUs and private firms will be supported through funding, guidelines, and inter-ministerial coordination. Public-private partnerships will be promoted, and infrastructure support will be ensured with MEA's help.
Panda has called for the private sector to pursue exploration and partnerships in the critical mineral sector.
"We clearly have to rely on our relationships with other countries that have these reserves and look to form joint ventures. Through organisations like KABIL, and by encouraging the private sector to pursue exploration and partnerships, I think the path ahead is quite clear," he added.
IMFA is engaged in the mining and production of key critical minerals, such as chrome and nickel, which are essential for stainless steel and high-tech applications.
"As far as IMFA is concerned, this area is adjacent to our existing capabilities we are already in the business of processing industrial ores and have mining expertise. So, we are closely looking at some of the critical mineral blocks within the country that are coming up for auction. Wherever we find a strategic fit and believe our expertise and knowledge can add value, we would certainly like to participate," he added.
Panda expressed confidence about the future of the metal and mineral sector in the country, highlighting India's strong manufacturing capabilities and the enabling policies that have been put in place to attract investment and bring the nation's strengths to the forefront.
He said that the manufacturing sector in general, and the metals sector both ferrous and non-ferrous in particular, are critical for any country's growth, and the same holds true for India.
As the country works toward becoming a developed nation by 2047, self-reliance in these areas becomes essential.
However, Panda clarified that self-reliance does not mean isolation from the world but rather developing domestic capabilities while remaining an active part of global value chains.
"India is already a significant producer of steel and stainless steel, which is the sector we are integrated with. Consumption is increasing as the economy modernises, with tremendous focus on infrastructure development. Taken together, there is a bright future ahead. Growth is never a straight line there will be some bumps along the way but I am a firm believer in India's manufacturing capabilities and the enabling policies that have been put together to attract investment and truly bring our capabilities to the forefront," he said.
Talking about IMFA's production plans, Panda said the company's current ferrochrome output stands at around 260,000 tonnes a year, with nearly 90 per cent of it exported and the rest supplied to the domestic market. With the new Greenfield plant and the recent acquisition, IMFA plans to scale up production to 400,000 tonnes in FY27 and further to 475,000 tonnes by FY28.
He added that the company's sales mix will gradually shift to meet the growing domestic demand.
"In a couple of years, we expect around 60 per cent exports and 40 per cent domestic sales. The domestic market is growing rapidly as stainless steel consumption and production are picking up significantly in line with the country's growth and focus on infrastructure. As the largest producer now, we aim to increase our market share domestically while continuing to maintain our strong export base," Panda said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor