This listing is a major victory for India's efforts to secure and diversify its critical mineral supply chains, a move that is crucial for the nation's clean energy transition and electric mobility goals.
Altmin Private Ltd, a prominent player in the battery materials and supply chain sector, has achieved a significant milestone with its proposed $250 million (approximately Rs. 2,200 crore) lithium refining project in Brazil. The project has become the first from India to be officially listed with the Minerals Security Partnership (MSP), a U.S.-led alliance of 14 countries and the European Commission.
The MSP is a strategic alliance designed to promote investments in critical mineral projects that adhere to high environmental, social, and governance (ESG) standards, and to reduce global dependency on single sources for these vital resources. By being listed, Altmin's project is now poised to attract public and private investments from the MSP's member nations, accelerating its development and strengthening its global standing. The project, which is a greenfield refinery, aims to refine spodumene ore into 32,000 tonnes of lithium carbonate, a key ingredient for lithium-ion battery production.
Anjani Sri Mourya Sunkavalli, the founder and managing director of Altmin, emphasized the project's strategic importance, stating that it will play a crucial role in helping India achieve self-reliance in the critical minerals sector. The move is particularly significant given the current global dynamics where a single nation holds a near-monopoly on lithium refining. This project, in technical collaboration with the Brazilian company Companhia Brasileira de Litio (CBL), marks the first major transaction of its kind between Brazil and India in the critical minerals sector.
The listing of the Brazilian project comes as Altmin is also making significant strides on the domestic front. The Hyderabad-based startup is already in the process of setting up India's first lithium iron phosphate (LFP) cathode gigafactory in Divitipally, Telangana, with an investment of Rs.750 crore. This gigafactory is expected to have an initial capacity of 8 GWh, aiming to ramp up production to 20,000 tonnes per annum of LFP cathode active material. The company has already laid the foundation stone for this facility, which is strategically located next to a major battery manufacturer's plant, hinting at a potential synergy within the evolving energy ecosystem.
The inclusion of Altmin's project in the MSP underscores the Indian government's proactive role in securing the nation's future energy needs. The Ministry of Mines, which had proposed the project in 2023, has been instrumental in this development, positioning India as a serious and collaborative player in the global critical minerals landscape.
