Better late than never. India has named 30 critical minerals that it considers vital for its next generation tech (including defence and communications), and clean tech push. For the nickel bulls among us, I can confirm that yes, nickel is on that list. India has previously listed 12 strategic minerals as top priority, with a big focus on lithium.
In an effort to make this more than just a PR stunt, the government is developing a whole policy framework around how these minerals are explored, processed, used, and even recycled. India also just joined the Minerals Security Partnership (MSP)—a U.S.-led effort to secure global supply chains for these super-important minerals.
Here’s the thing though. There’s a list, there’s some new policy incoming, but will there be actual incentives? As we’ve seen, and continue to see in the West, until governments step in with financing, tax credits, and streamlined permiting, the mining sector is not even remotely incentivized to pour the required $billions into development of domestic assets – unless they are unusually high-grade in a hot market.
India does have some domestic nickel assets, and when I same some I mean that Vedanta is production out of Goa after acquiring Nicomet. Historically India hasn’t consumed a lot of nickel but clearly they expect that to change. However, while I am pleased to see yet another major economy officially recognize the importance of battery metals such as nickel, what will really catch my interest is when they use real policy tools to change outcomes in their domestic mining industry.
Anthony Milewski
Chairman, Nickel 28 Capital
