Why India is struggling to acquire critical mineral assets abroad

India needs special rocks and minerals, called critical minerals, for many important technologies.

To find these minerals, the Indian government created a company called KABIL in 2019.

KABIL travels to other countries to buy parts of mines or to start new mining projects.

So far, its biggest success is in Argentina, where it has bought five areas of land that hold lithium.

In Australia, KABIL tried to buy part of two big lithium mines, but a company from South Korea called POSCO got them first.

A chance to invest in a lithium project in Chile was missed because there was not enough time to finish checking it.

A deal for rare earth minerals in Vietnam also fell apart when the seller changed their mind.

In Africa, KABIL paused its plans in Mali because the country became less safe and stable.

The company told Indian lawmakers that high prices, changing lithium prices, and strong competition make these deals difficult.

India is still looking, with new opportunities being checked in Malawi, Brazil, Canada, Russia, and Indonesia.