India Exits Russian-Backed Lithium Project In Mali Over Security Risks: Report

India has pulled out of a Russian-backed lithium project in Mali as New Delhi seeks to safeguard its investments in the politically unstable West African nation, sources informed Reuters. Rosatom, Russia’s state nuclear corporation, approached India’s government-backed Khanij Bidesh India Ltd (KABIL) and NLC India Ltd (NLC.NS) for lithium exploration in Bali last year.
“The project is on hold because we cannot be spending on something where there is a chance we will lose our investment,” sources informed Reuters.
Western nations, from Britain and France to the United States, have urged their citizens in Mali to leave the landlocked nation amid rising security concerns, as the latter is undergoing a battle with al-Qaeda-linked militants, who are targeting the nation’s economic assets and foreign investment.
While Russia has been cultivating ties with several African nations through military cooperation, India, the world’s fastest-growing economy, has sought a steady supply of lithium in anticipation of rising demand for the metal.
Lithium can be key to cutting carbon emissions for India, the world’s third-largest emitter.
To achieve its target of 30 per cent electric car penetration and 80 per cent for two-wheelers by 2030, up from 4 per cent and 3 per cent now, India has recently stepped up efforts for deals to access critical minerals in resource-rich countries like Argentina, Australia, and Chile.
According to the report, in 2024, KABIL signed an exploration and development pact with a state-owned firm in Argentina to explore and mine five lithium blocks, but has not signed any similar deals since.
India’s mining ministry, KABIL and NLC India did not respond to Reuters requests for a comment on the situation in Mali. Rosatom too declined to comment.
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