India pulls out of Russian-backed Mali lithium project over security risks: Report

Security risks are prompting India to pull out of a lithium project in Mali backed by Russia's state nuclear corporation Rosatom, sources said, as New Delhi seeks to safeguard ‌its investments ⁠in the ⁠politically unstable West African nation.

Western nations, from Britain and France to the United States, have ​urged citizens to leave the landlocked nation as security concerns rise in its battle with ​al Qaeda-linked militants targeting economic assets and foreign investment.

Last year Rosatom approached India's government-backed Khanij Bidesh India Ltd (KABIL) and NLC India Ltd for lithium exploration in Mali, an emerging producer of the metal critical in ⁠making batteries ‌for electric vehicles.


"The project is on hold because ​we cannot ​be spending on something where there is a chance we ⁠will lose our investment," one of the sources said.

Both sources, ​who were directly involved in the decision-making, sought anonymity ​because the discussions were confidential.

India's mining ministry, KABIL and NLC India did not respond to Reuters requests for comment. Rosatom declined to comment.

Russia has been cultivating ties with a string of African countries, through efforts including military cooperation, and has strengthened relations with Mali and Burkina Faso.

The world's fastest-growing major ‌economy, India has sought a steady supply of lithium in anticipation of rising demand for the metal, key to cutting carbon ​emissions from ​the world's third-largest emitter.

New ⁠Delhi is targeting 30% electric car penetration and 80% for two-wheelers by 2030, up from 4% and 6% now.

India has recently stepped up efforts for deals ​to access critical minerals in resource-rich countries such as Argentina, Australia and Chile.

In 2024, KABIL signed an exploration and development pact with a state-owned firm in Argentina to explore and mine five lithium blocks, but has not signed any similar deals since.