Coal India, the world’s single largest coal producer, has applied to establish a trading office in Singapore to trade critical minerals and iron ore in what would be the company’s first trading office outside India, Reuters reported on Thursday, citing anonymous sources involved in the discussions.
Coal India has applied with Singapore’s authorities to approve the setting-up of its planned trading hub as several major state-owned Indian companies have been looking to acquire strategic minerals assets overseas to support India’s rising minerals demand and reduce dependence on Chinese supply.
The new trading hub in Singapore is expected to help India’s coal giant expand its critical minerals business, look for asset acquisitions outside India, and support its iron ore business, one of the sources told Reuters.
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Indian firms, including Coal India, are on the search for bauxite and lithium assets overseas, including in lithium-rich Chile and Australia. African assets have also been evaluated by Indian state-held enterprises.
Earlier this month, Reuters reported, citing sources with knowledge of the matter, that Coal India is considering buying a unit of Canada’s Wealth Minerals with lithium mining assets in Chile.
India has been working with Argentina to strengthen cooperation in lithium mining in the South American country. Last year, India and Argentina signed a memorandum of understanding (MoU) to strengthen ties in the critical minerals sector.
“This collaboration is expected to accelerate lithium exploration projects, enhance resource security, and create new opportunities for Indian companies in the Latin American mining landscape,” the Indian government said in 2025.
Also last year, the Indian government announced a new royalty payment scheme for a list of critical minerals in a bid to motivate miners to ramp up local production.
This year, India moved to invest $10 billion in rare earth elements in a bid to reduce China’s dominance in the mineral supply and refining of the key critical minerals.
By Charles Kennedy for Oilprice.com
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