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Source: Coal India Exploring Lithium Assets in Argentina with US Firm

FILE PHOTO: Brine pools used to extract lithium are seen next to a lithium mining camp at the Salar del Rincon salt flat, in Salta, Argentina August 12, 2021. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Brine pools used to extract lithium are seen next to a lithium mining camp at the Salar del Rincon salt flat, in Salta, Argentina August 12, 2021. REUTERS/Agustin Marcarian/File Photo
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Source: Coal India Exploring Lithium Assets in Argentina with US Firm

FILE PHOTO: Brine pools used to extract lithium are seen next to a lithium mining camp at the Salar del Rincon salt flat, in Salta, Argentina August 12, 2021. REUTERS/Agustin Marcarian/File Photo
FILE PHOTO: Brine pools used to extract lithium are seen next to a lithium mining camp at the Salar del Rincon salt flat, in Salta, Argentina August 12, 2021. REUTERS/Agustin Marcarian/File Photo

State-run Coal India Ltd is exploring lithium blocks in Argentina along with a US company to secure supplies of the battery material, an Indian source with direct knowledge said on Tuesday.
The efforts are part of India's membership under the US-led Minerals Security Partnership (MSP), which New Delhi joined last year to ensure adequate supplies of minerals to meet zero-carbon goals.
India has been exploring ways to secure supplies of lithium, a critical raw material used to make electric vehicle batteries. Prime Minister Narendra Modi's government last year listed 30 minerals, including lithium, nickel, titanium, vanadium and tungsten, as critical to drive the adoption of clean energy.
India and the United States said on Monday they were co-investing in a lithium resource project in South America and a rare earths deposit in Africa to diversify critical minerals supply chains.
India has been in talks with several countries, including the US, to collaborate in lithium processing and avoid relying on China, Reuters had reported. The rare
"Coal India has come forward for the Kachi block in Argentina in which a US company and two other countries are interested to explore under the MSP," the source said, declining to be identified due to the sensitive nature of discussions.
Preliminary studies are being conducted, the source added.
Australian miner Lake Resources, which has a lithium project in Kachi, is targeting 50 kilotons of annual battery-grade lithium from the project by 2030.
Coal India shares turned positive after the Reuters report, rising as much as 1.2% before trimming gains to trade 0.3% higher.
Shares of the company had been down 0.2% before the news.
In February, US Secretary of State Antony Blinken said on a trip to Argentina that the US was exploring investment opportunities in critical minerals, especially lithium.
Coal India and India's federal Ministry of Mines did not immediately respond to Reuters' emails for comments.
Under the minerals partnership, which India had joined last year, New Delhi was invited to participate in 20-25 critical minerals projects, of which four have been identified by the Indian government, with two of these are in collaboration with the US, the source said.
The second project is in the Kangankunde block in Malawi, the source said, which is being explored by India's state-owned IREL (India) Ltd for rare earths.
IREL did not immediately respond to a Reuters email seeking comments.
The Indian government has also asked miners to explore critical minerals in Australia's Dubbo region, the source said.
India had also proposed a critical minerals trade deal with US, which would prohibit imposition of tariffs on both countries by each other and would be similar to a pact US has with Japan that grants Japanese automakers wider access to US electrical vehicles tax credit, the source said.
However, the US is in talks with India for a bilateral Critical Minerals Memorandum of Understanding (MoU), both countries said on Monday.

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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
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Fire, Smoke Upend Western Canada’s Summer Tourism Season

A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)
A helicopter works a forest fire outside of Jasper, Alberta, Canada, on Friday July 26, 2024. (Reuters)

Severe wildfire seasons are increasingly hurting western Canada's lucrative tourism industry, with some visitors beginning to avoid the busy late-summer months due to concerns about uncontrolled blazes, smoke-filled skies and road closures.

After a scorching start to July, nearly 600 wildfires are now ablaze across British Columbia and Alberta, including a huge fire that this week devastated the picturesque tourist town of Jasper in the Canadian Rockies.

Dozens of communities, including popular holiday spots in British Columbia's Kootenay region, are under evacuation orders and several highways are closed.

This year's surge in wildfire activity comes after Canada endured its worst-ever year for wildfires in 2023, when more than 15 million hectares (37 million acres) burned, including parts of the city of West Kelowna in the heart of British Columbia's wine region.

Ellen Walker-Matthews, head of the Thompson Okanagan Tourism Association, said the industry was seeing a lot more last-minute travel decisions instead of booking in advance.

"It's a huge blow. July and August are traditionally the busiest months in the region," said Walker-Matthews, adding that while her region has been relatively unscathed by wildfires this summer, some visitors are choosing to avoid interior British Columbia altogether.

The members of the British Columbia Lodging and Campgrounds Association are reporting a 5-15% drop in bookings from a year ago, with the biggest declines coming from the hotter Okanagan and Cariboo regions, said Joss Penny, who heads the association.

"The concern is that this is something we have to live with and we have it every year now," said Penny.

Although wildfires in Canada's forests are natural and common, scientists say drier, hotter conditions fueled by climate change are leading to more volatile and frequent blazes.

'SMOKEY SKIES'

Some events, like the Salmon Arm Roots and Blues Festival, usually held in August, have now been rescheduled to earlier in the summer to avoid what is now seen as peak smoke season. The festival, which was cancelled last year due to nearby wildfires, was this year moved to July to benefit from "less smokey skies."

Wildfires and extreme climatic events are prompting tourists to "change their plans not just temporarily, but permanently," said Elizabeth Halpenny, a tourism researcher and professor at the University of Alberta, noting that seasonal workers in the sector are often the hardest hit as they have few protections during a bad season or amid a cataclysmic fire.

Tourism contributed C$7.2 billion to the British Columbia economy in 2022, and C$9.9 billion to Alberta in 2023, according to the latest government data.

Jasper National Park is one of Canada's premier tourist destinations, with more than 2 million visitors a year flocking to see its pristine mountain landscapes and abundant wildlife, including grizzly bears, moose and elk.

Kelly Torrens, vice-president of product at international tour company Kensington Tours, described western Canada as a bucket-list destination. But the company now has 49 trips that were supposed to pass through Jasper this season in limbo. Six others were forced to evacuate the park when the fire hit.

Parks Canada has cancelled all camping reservations within Jasper National Park until Aug. 6 and with potentially 50% of the town's structures destroyed by fire, the cleanup and rebuild could take years.

Halpenny is among those hedging their bets.

"I've booked a campsite stay in the mountain parks but at the same time, I booked a campsite out on the prairie somewhere and that's my backup plan because I don't want to miss out on my vacation with my family."