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Why in the News?
India is exploring the possibilities of joining the Minerals Security Partnership.
About Minerals Security Partnership
Minerals Security Partnership is an ambitious new US-led partnership to secure supply chains of critical minerals, aimed at reducing dependency on China.
Members: US, Australia, Canada, Finland, France, Germany, Japan, the Republic of Korea, Sweden, United Kingdom, and the European Commission.
The new grouping could focus on the supply chains of minerals such as Cobalt, Nickel, Lithium and also the 17 “rare earth” minerals.
Significance of joining MSP for India
Given the push of India towards Electric Vehicles, it needs to secure the supply of critical minerals.
China has created a processing infrastructure in rare earth minerals and has acquired mines in Africa for elements such as cobalt.
Few Facts about rare Earth elements
Rare earth comprises seventeen elements and are classified as light RE elements (LREE) and heavy RE elements (HREE).
Some REs are available in India such as Lanthanum, Cerium, Neodymium, Praseodymium, and Samarium.
While others such as Dysprosium, Terbium, Europium that are classified as HREE are not available in Indian deposits in extractable quantity.
