India and Brazil have inked a memorandum of understanding (MoU) to enhance collaboration in mining and minerals crucial for the steel industry. This agreement aims to streamline the production of steel inputs, introduce technology-driven enhancements along the steel value chain, and fortify the resilience and sustainability of the steel supply chain between the two nations.
The Ministry of Steel highlights that this MoU establishes a structured platform to bolster mutual cooperation throughout the steel value chain, emphasizing the promotion of reliable and sustainable development of essential raw materials essential for steel manufacturing. The focus will be on attracting investments in exploration, mining, and infrastructure within the steel sector, as well as advancing processing and recycling technologies for minerals.
The collaboration will prioritize areas such as investment attraction in exploration, mining, and steel sector infrastructure development, adoption of processing and recycling technologies for minerals, integration of automation and advanced technologies in exploration and mining processes, utilization of artificial intelligence in geo-scientific data analysis to enhance exploration efficiency, and adoption of best practices in mineral extraction, processing, and environmental stewardship.
The MoU was signed between the Ministry of Steel and the Ministry of Mines and Energy of Brazil in the presence of Indian Prime Minister Narendra Modi and Brazilian President Luiz Inacio Lula da Silva at Hyderabad House. Brazil, being a major global producer of iron ore and possessing substantial reserves of minerals crucial for steel production like manganese, nickel, and niobium, is expected to enhance India’s access to vital raw materials and technologies essential for the sustained growth of its steel sector.
