India will send two delegations next month to Chile to scout for lithium and copper resources, a government source said, as rapid economic expansion and New Delhi’s efforts to speed up the energy transition stoke demand for critical minerals.

Chile is a key target as it is the world’s biggest supplier of copper and the second-biggest producer of lithium, which are essential for electric vehicle batteries and renewable energy systems in the push away from fossil fuels.

As part of India’s drive to explore overseas for mineral assets, state firms National Aluminium Company, Hindustan Copper and unlisted Mineral Exploration and Consultancy have set up a company called Khanij Bidesh India (KABIL).

“KABIL has to send a delegation to Chile in April,” said the source, who did not wish to be named as details of the plan have not been made public.

“We are interested in buying assets. We are trying to facilitate private and government-owned companies to acquire assets in other countries as well.”

The government is separately sending a delegation to look for copper assets, the source said.

The federal ministry of mines and KABIL did not respond to Reuters emails for comments.

India, the world’s third-biggest emitter of greenhouse gases behind China and the United States, has pledged to achieve a net-zero carbon emission target by 2070.

Reuters