Altmin in talks with Australia to secure lithium supply

The Indian battery materials producer, Altmin, is in negotiations with the Australian Government to guarantee the supply of lithium, according to the company’s managing director, Anjani Sri Mourya Sunkavalli. These discussions are part of Altmin’s expansion plans to meet the growing demand for this critical mineral.

“We are talking to the Australian High Commission and the critical minerals office,” Sunkavalli told Reuters.

Supply and expansion

Currently, Altmin, the only Indian producer of cathode active materials, sources lithium carbonate from Bolivia. Last year, the company signed an agreement with Bolivian state-owned company Yacimientos de Litio Bolivianos (YLB) to establish a lithium-ferrophosphate materials production plant in Bolivia. Altmin plans to bring lithium carbonate from this plant for its operations in India.

In addition, Altmin is evaluating the possibility of creating lithium refineries in Brazil and Australia. The lack of lithium processing facilities in India has led New Delhi to offer incentives for private companies to set up these facilities locally.

Sunkavalli also mentioned the intention to explore the possibility of securing the supply of spodumene, a mineral with a high concentration of lithium, from Brazil.

Future plans and financing

Altmin plans to establish a cathode active materials plant by 2025 in the southern Indian city of Hyderabad. This plant would be supplied with lithium carbonate from both Brazil and Bolivia, according to Sunkavalli.

To fund its expansion plans, Altmin is raising Rs 3,000-4,000 crore ($36-$48 million) from sovereign wealth funds and institutional investors in the next two to three months.

These strategic moves position Altmin as a key player in the global battery materials industry, responding to the growing demand for lithium and moving towards greater self-sufficiency in the supply of this critical resource.