New Delhi: India is intensifying its efforts to secure overseas supplies of lithium, with state-owned Coal India considering the acquisition of a Chile-focused unit of Canada’s Wealth Minerals that holds lithium mining assets, Reuters reported on August 11, citing two sources familiar with the matter.
The proposed transaction would be among India’s most significant attempts to secure lithium resources abroad. Lithium is a critical mineral widely used in electric vehicle batteries and energy-storage systems, making reliable access increasingly important as India seeks to expand clean-energy technologies while reducing dependence on China-dominated mineral supply chains.
According to a Reuters report, as an initial step towards the proposed deal, Coal India and Kuska Minerals, the Chilean subsidiary of Wealth Minerals, jointly applied to the Chilean government for a lithium extraction licence in October 2025, one of two sources familiar with the matter said. The licensing process has been delayed following a change of government in Chile.
“The acquisition will be decided after the mining licence. Once we get the licence, we will decide what we will do ahead,” the source told Reuters, declining to be identified because the discussions are confidential.
Acquisition could become joint venture
Coal India has been in negotiations for months to acquire the Chile-focused lithium unit and had reached the final stages of discussions, according to the second source. However, the acquisition cannot move forward until the Chilean mining licence is granted.
An alternative being considered is a joint venture between Coal India and Wealth Minerals. According to the Reuters’ sources the structure of such a partnership, ownership split and investment commitments have not yet been decided.
On 10 August 2026, Ambassador Abhilasha Joshi and team visited the premises of Chilean Agency for International Development Cooperation (AGCID) @AGCICHILE at the Ministry of Foreign Affairs of Chile @Minrel_Chile and held fruitful discussions with Executive Director Mr. Enrique… pic.twitter.com/XqWGoeFK7k
— India in Chile (@Indiainchile) August 10, 2026
Wealth Minerals has two other lithium projects in Chile, according to its website. Neither Coal India nor Wealth Minerals immediately responded to Reuters’ requests for comment.
The latest discussions represent an expansion of negotiations that Reuters first reported in April, when it said Coal India and Wealth Minerals were exploring a potential joint venture. The possibility of Coal India acquiring Wealth Minerals’ Chile-focused lithium unit is being reported for the first time.
Chile is a strategically important destination for India’s lithium ambitions. The country has an estimated 13 million metric tons of lithium resources, making it the world’s third-largest holder of lithium resources after Argentina and Bolivia, according to the U.S. Geological Survey.
India has so far had several critical-mineral assets overseas. Its only overseas lithium exploration and mining agreement to date covers five blocks in Argentina and was secured in 2024.
New Delhi is now encouraging state-owned companies to pursue mineral assets abroad as part of a broader strategy to diversify supplies and reduce reliance on China-dominated critical-mineral supply chains.
India has signed critical-minerals cooperation agreements with Argentina, Australia and Japan and is discussing wider arrangements, including critical-minerals partnerships, with Peru and Chile. During 2026, India has also signed agreements with Germany, Brazil and Canada focused on improving access to technology, expertise and mineral partnerships.
The potential Coal India deal in Chile therefore represents a significant component of India’s broader push to secure overseas lithium and other critical minerals needed for its electric-vehicle, energy-storage and clean-technology ambitions.
