India, which
found its first reserves of the mineral in February, has also been exploring ways to shore up supplies by acquiring overseas mines.
"Lithium exploration is at a very nascent stage, but we are talking to Hancock Prospecting for their investments into it," said the source, who didn't want to be named because he is not authorised to talk to media. NMDC shares rose as much as 1.8% Tuesday on the news.
The miner did not immediately respond to a request for comment.
Separately, NMDC is also working on plans to export
low-grade iron ore to China, the source said. The miner could
collaborate with another company to process and ship out the ore
to China, he said.
China is India's biggest iron ore customer, importing around
80% of India's overall shipments.
Indian producers of low-grade ores largely depend on foreign
markets because most major domestic steel producers use
high-grade iron ores.
NMDC is also expecting to receive forest clearances by June
for diamond mining in the central Indian state of Madhya
Pradesh, the source said.
The mine produces around 10 carats of diamond per 100 tonnes
of Kimberlite processed, according to the details provided by
the company on its website.
(Reporting by Neha Arora, Editing by Mayank Bhardwaj and
Nivedita Bhattacharjee)
