India signs critical minerals research pact as policy money moves downstream

A research pact, not a mine

The pact is deliberately narrow. It covers collaborative research, technical and strategic studies, policy support and capacity building.

The point is where the money goes next. Refining and separation capacity, not ore, is where supply chains break. State funding that reaches processing changes who can sell finished magnet, battery and defence materials. For buyers in Europe, the United States and India, the practical question is whether new plants run before China's export-control suspension lapses.

TEXMiN is the Technology Translation Research Park at IIT (ISM) Dhanbad. The statement of intent was signed during a visit by NITI Aayog member Professor Gobardhan Das. He inaugurated the National Symposium on Critical Minerals and Rare Earths (CMRE 2026) on 31 October. He argued for an integrated value chain spanning exploration, extraction, processing, refining, advanced materials and recycling, rather than a mine-centric approach. He also named coal fly ash, red mud, mine tailings and electronic waste as secondary sources worth recovering.

The money already on the table

India's critical minerals industrial policy uses more than a dozen regulatory, financial and trade instruments worth nearly $40 billion, the Center on Global Energy Policy (CGEP) says. The Ministry of Mines named 30 minerals critical in 2023. The National Critical Mineral Mission (NCMM) followed in January 2025. CGEP argues that three features set India apart from other lower- and middle-income producers. The government supports several stages of the value chain, not only mining. It pairs that with demand-side incentives and a push for supplies abroad.

Why processing is the choke point

China accounts for roughly 60% of rare earth mining, 90% of processing and separation, and 94% of permanent magnet manufacturing, CEPA wrote. The gap between the first number and the second is the story.

CEPA puts Chinese control of battery-grade graphite processing at about 94% and of cobalt refining at roughly three-quarters. Those are processing dependencies, not geological ones. A Shinhan Securities note cited on 2 November put US import reliance at 100% for gallium and indium. It is 92% for bismuth, 91% for antimony and 73% for zinc. The International Energy Agency estimates the Chinese restrictions, if fully enforced, could put at risk $6.5 trillion in annual downstream output, CEPA reported.

What to watch

Korea Zinc's $7.4 billion Project Crucible smelter in Tennessee targets groundbreaking in 2027 and phased operations in 2029. It is designed to produce 13 strategic minerals, including germanium, gallium and antimony. Shinhan's Park Kwang-rae said the US 45X advanced manufacturing credit phases down from 2031 and expires in 2034. That makes 2029 and 2030 the peak benefit window.

Timing on the Chinese side matters too. US President Donald Trump and Chinese President Xi Jinping agreed at Busan in October 2025 to suspend some curbs until November 2026. CEPA says that suspension has since been extended to January 2027. Which minerals qualify for support is itself contested. The US list holds 60 commodities, up from 50 in 2022, while the EU names 34 critical and 17 strategic materials.