Coal India is considering acquiring a Chile-focused lithium business owned by Wealth Minerals, marking a significant step in India’s strategic move to secure overseas critical minerals and reduce dependence on China.
Coal India is weighing whether to buy a Chile-focused lithium business owned by Canada’s Wealth Minerals, according to people familiar with the talks, in a move that would deepen India’s push into overseas critical minerals. The company’s interest centres on assets in Chile, one of the world’s major lithium jurisdictions and a key supplier for batteries used in electric vehicles and energy storage. Reuters reported in April that Coal India was already discussing a possible joint venture with Wealth Minerals, indicating the latest talks build on months of quiet negotiations.
The discussions come after Coal India’s board approved the creation of a Chile-based intermediate holding company in February 2026 to pursue lithium, copper and other critical minerals, according to filings cited by Indian business papers. In May, the company also said it planned units in Chile and Singapore to look for overseas opportunities in lithium, rare earths, copper and coking coal. Those steps suggest Coal India has been preparing a wider international structure before deciding whether to move ahead with a purchase, joint venture or another form of partnership.
According to the people familiar with the matter, Coal India and Kuska Minerals, Wealth Minerals’ Chilean subsidiary, have already applied for a lithium extraction licence from the Chilean authorities. The application, filed in October 2025, has taken longer than expected because of a change in government in Chile, one of the sources said. Coal India cannot finalise any acquisition until the licence is granted, and the company may still opt for a joint venture if that proves more practical, with ownership and funding terms yet to be settled.
India has been trying to build access to overseas critical minerals as it seeks to reduce reliance on supply chains dominated by China. New Delhi has signed cooperation agreements with Argentina, Australia and Japan and is also discussing wider mineral partnerships with Peru and Chile. The government has been encouraging state-owned companies to take a more active role abroad, while Coal India has separately been broadening its search beyond thermal coal into lithium, graphite, cobalt, nickel and rare earths. Chile, which the US Geological Survey says holds the world’s third-largest lithium resources at about 13 million metric tons, remains one of the most strategically important destinations for that effort.
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