Coal India Eyes Chile Lithium Assets Through Wealth Minerals Deal

Coal India is considering acquiring a unit of Canada’s Wealth Minerals that holds lithium mining assets in Chile, according to sources familiar with the matter. The state-owned coal giant is also exploring a potential joint venture, as India steps up efforts to secure overseas supplies of lithium, a critical mineral used in electric vehicle batteries and energy storage systems.

Coal India and Wealth Minerals’ Chilean subsidiary Kuska Minerals have jointly applied for a lithium extraction licence from the Chilean government. Sources said a final decision on an acquisition would be made after the licence is approved, while a joint venture remains an alternative. The companies initially applied for the licence in October 2025, with the process delayed following a change of government in Chile.

The potential deal would represent a major move by India to diversify its critical-mineral supply chains, as the country has so far secured only one overseas lithium exploration and mining agreement, covering five blocks in Argentina. Chile has the world’s third-largest lithium resources, estimated at 13 million metric tons, and India is encouraging state-owned companies to pursue overseas mineral assets to reduce dependence on China-dominated supply chains.

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