Liberalising and supporting exploration could be a game changer for young entrepreneurs: Anil Agarwal, Chairman, Vedanta

NEW DELHI, Aug. 2, 2023 /PRNewswire/ -- Vedanta Chairman Anil Agarwal has exhorted setting up a policy mechanism that promotes participation of young entrepreneurs in the mining sector, particularly metals that are key to emerging technologies. Development of mines at scale will also help India cut down its dependence on imports, he said.

"The technologies of the future, in EVs, batteries, solar power, wind energy etc. are highly mineral intensive. They need large quantities of lithium, cobalt, rare earths, copper and other minerals. India is 100% import dependent for some of these minerals and more than 50% dependent for others. This is a big risk," Mr. Agarwal said in a recent tweet.

"Despite our superior geology, countries like China & Saudi Arabia are taking the lead through very liberal policies to attract investment and become a major player in these new age minerals," he added.

Stressing on the need to reduce the nation's dependence on mineral imports, he further said, "In India, the key is to enable young entrepreneurs to undertake exploration and allow them to sell their discoveries to large mining companies, who will develop these discoveries to production."

Pointing out that liberalising and supporting exploration could be a game changer for startups, he said that this will help India to be amongst top three economies in the world.

"Time is of essence," he concluded.

Earlier this year, The Geological Survey of India identified a potential deposit of 5.9 million tonnes of lithium in Jammu and Kashmir, the first anywhere in India.

Link to the Tweet: https://twitter.com/AnilAgarwal_Ved/status/1686260869276094464?s=20

About Vedanta Limited

Vedanta Limited ("Vedanta"), a subsidiary of Vedanta Resources Limited, is one of the world's leading natural resources companies spanning across India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan and Japan with significant operations in Oil & Gas, Zinc, Lead, Silver, Copper, Iron Ore, Steel, Nickel, Aluminium, Power & Glass Substrate and foraying into semiconductors and display glass. For two decades, Vedanta has been contributing significantly to nation building. Governance and sustainable development are at the core of Vedanta's strategy, with a strong focus on health, safety, and environment. Vedanta has put in place a comprehensive framework to be the ESG leader in the natural resources sector, is committed to reducing carbon emissions to net zero by 2050 or sooner and aims to spend $5 billion over the next 10 years to accelerate this transition. Giving back is in the DNA of Vedanta, which is focused on enhancing the lives of local communities. Anil Agarwal Foundation, the umbrella entity for Vedanta's social initiatives, has pledged Rs 5000 crore over the next five years on various social impact programs and its flagship project, Nand Ghar is setting up model anganwadis across India. Vedanta Ltd. has been listed in Dow Jones Sustainability World Index 2022, conferred Golden Peacock Award for excellence in Corporate Governance 2022 and certified as a Great Place to Work 2023. Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange.

For more information, please visit www.vedantalimited.com.

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