Nalco has set out to explore an entry into rare earth element (REE) mining as part of its strategy to diversify beyond bauxite and alumina.

The company is currently conducting due diligence with its bid advisor to assess domestic auctions for REEs, magnesium, and chromite blocks. This move aligns with India’s efforts to reduce reliance on imports and decrease China’s dominance in critical minerals essential for electronics, defense, renewables, and electric vehicles. REEs play a crucial role in technologies such as wind turbines, EV motors, and missile guidance systems.

Nalco is also exploring the acquisition of a stake in an operational lithium mine in Australia through a joint venture. This initiative is aimed at securing a steady supply of lithium, which is vital for India’s EV and renewable energy sectors. Chairman Brijendra Pratap Singh emphasised that Nalco is committed to expanding its portfolio of critical minerals to support India's self-reliance goals.