Anil Agarwal has likened critical minerals such as copper, zinc, aluminium and silver to gold, stating that they “are almost like gold” when it comes to their functional value.
The chairman of the natural resources conglomerate Vedanta said that not only are these minerals fundamental for new age technologies, they are also green metals.
“They support a climate-friendly world. They are recyclable. And using the latest technology, they can be mined without damaging the environment,” Agarwal said in a post on social media website ‘X’.
These minerals find application in technologies related to energy transition including batteries, electric vehicles and solar cells, apart from usage in advanced semiconductors.
Agarwal’s observation for critical minerals comes at a time when gold prices have seen a sharp surge and are at their all-time highs, led by safe-haven buying due to geopolitical and global economic uncertainty.
“But the really amazing, less noticed story is actually emerging in metals like copper, aluminium, zinc and silver, all of which are critical minerals,” he said.
Both copper and aluminium have seen a rally over the past few weeks, with their prices now at multi-year highs, and experts expecting their positive momentum to continue.
Hindustan Zinc, in which Vedanta owns a majority stake, is the country’s largest producer of zinc and silver. Vedanta is also the largest producer of aluminium in the country, and also has a presence in oil and gas, steel and iron and power.
The demand for these critical minerals is growing in double digits, which is much faster than its supply. Given that India is expanding its manufacturing prowess, we should also ensure that we are self-sufficient in all these critical minerals, Agarwal said.
“More exploration and simpler clearances are the key,” he said. Agarwal recently announced that the company will be spending USD 20 billion in capital expenditure across businesses over the next four years.
