São Paulo, February 23rd (Argus) - Brazil and India have stated that the two countries plan to collaborate in key minerals and rare earths based on the bilateral agreement signed on February 21st.
Brazil and India will strive to develop their respective key mineral and rare earth industries and exchange technologies to enhance mineral extraction.
India is seeking to reduce its reliance on Chinese minerals, while Brazil, which has some of the world's largest reserves of key minerals and rare earths, is working to promote the development of these markets.
The Brazilian president said: "Strengthening investment and cooperation in renewable energy and key minerals is the core of this agreement." The Indian prime minister added that the agreement is a key step in establishing an "elastic supply chain".
The two countries also signed four additional preliminary agreements, involving healthcare, entrepreneurship, defense, and business. The latter may be somewhat centered around the cooperation in key minerals.
Last week, Indian battery manufacturer Altmin acquired a 33% stake in Brazilian lithium producer CBL for 40 million US dollars, and also signed a purchase agreement guaranteeing Altmin an annual supply of 5,000 metric tons of lithium carbonate. AMG Lithium will export this metal from Brazil to India.
Indian Prime Minister Modi said that it is expected that the trade volume of goods between Brazil and India will increase from 15 billion US dollars per year in 2025 to 20 billion US dollars per year by 2030.
