India, Brazil sign rare earths deal to build ‘resilient supply chains’
With China holding a near-monopoly on rare earths production, India and other countries are seeking alternative sources
“The agreement on critical minerals and rare earths is a major step towards building resilient supply chains,” Modi said.
Brazil has the world’s second-largest reserves of critical minerals, which are used in everything from electric vehicles, solar panels and smartphones to jet engines and guided missiles.
India, seeking to cut its dependence on top exporter China, has been expanding domestic production and recycling while scouting for new suppliers.
“Increasing investments and cooperation in matters of renewable energies and critical minerals is at the core of the pioneering agreement that we have signed today,” Lula said.
The details of the deal were not immediately available.