Coal India, the
world’s largest coal miner, is considering acquiring a unit of
Canada’s Wealth Minerals with lithium mining assets in
Chile, two sources familiar with the matter said.
The move would mark one of India’s most significant efforts
to secure overseas lithium resources, a critical mineral used in
electric vehicle batteries and energy storage systems.
India has had limited success in acquiring critical mineral
assets abroad. So far, it has secured only one overseas lithium
exploration and mining agreement, covering five blocks in
Argentina in 2024.
As a first step, Coal India and Kuska Minerals, Wealth
Minerals’ Chilean subsidiary, have jointly applied for a lithium
extraction licence from the Chilean government, one of the
sources said.
“The acquisition will be decided after the mining licence.
Once we get the licence, we will decide what we will do ahead,”
the source said, declining to be identified because the
discussions are confidential.
Wealth Minerals has two other lithium projects in Chile,
according to its website.
Coal India could alternatively form a joint venture with
Wealth Minerals, although the structure, ownership split and
investment commitments have yet to be determined, the sources
said.
Neither Coal India nor Wealth Minerals immediately responded
to requests for comment.
Reuters reported in April that Coal India was in talks with
Wealth Minerals about a potential joint venture. The discussions
over acquiring its Chile-focused lithium unit are being reported
for the first time.
Coal India and Wealth Minerals applied for the mining
licence in October 2025, but the process has taken time due to a
change of government in Chile, the source said.
Coal India was in the final stages of negotiations to buy
the unit after months of talks, but the deal could not proceed
until the mining licence is granted, the second source said.
Chile holds the world’s third-largest lithium resources,
estimated at 13 million metric tons, behind Argentina and
Bolivia, according to the US Geological Survey.
India has been encouraging state-owned companies to acquire
overseas mineral assets as New Delhi seeks to reduce reliance on
China-dominated supply chains.
The government has signed critical minerals cooperation
agreements with Argentina, Australia and Japan, and is
discussing broader arrangements, including critical minerals
partnerships, with Peru and Chile.
This year, India also signed agreements with countries
including Germany, Brazil and Canada aimed at improving access
to technology, expertise and mineral partnerships.
Published on August 11, 2026
