State inks Rs 350-cr deal to set up critical minerals refining complex

City-based startup MiniMines Cleantech Solutions on Friday signed an MoU with the Karnataka government to set up a Rs 350-crore Giga Critical Minerals Refining Complex in the city, officials said.

The Memorandum of Understanding was signed with the Department of Electronics, Information Technology and Biotechnology in Bengaluru, they said. According to a statement, the proposed facility will support sectors including electric vehicles, renewable energy, aerospace, defence and electronics by ensuring a steady supply of refined materials worth Rs 500-600 crore that are currently imported.

“The first phase will have a refining capacity of 15,000 MTPA, generating 13,400 tonnes of annual throughput. For every Rs 1 crore of MiniMines’ output, approximately Rs 3 crore of industrial value will be created downstream through various supply chains,” the statement said. The refining complex will use MiniMines’ patented Hybrid-Hydrometallurgy (HHM)™ technology for recycling lithium-ion batteries. The company is also developing its HydroMag REE Loop™ process for recycling and recovering rare earth magnets.

The complex will additionally house an R&D and training centre to support workforce development, technology transfer and innovation in circular mineral processing, it added. MiniMines Co-Founder and CEO Anupam Kumar said the agreement marks a significant milestone in India’s push for self-reliance in critical minerals.

“With this refining complex, we aim to build a domestic ecosystem capable of processing and supplying high-purity materials needed for batteries, magnets and other clean energy technologies,” he said.

“Our focus is to recover value from waste streams and reduce the country’s dependence on imported raw materials. We will be extracting in India and supplying to the world,” Kumar added.

The company said the project is expected to create more than 1,500 direct and indirect jobs and contribute around Rs 1,300 crore in annual turnover and Rs 200 crore in GST revenue once operational.

Commenting on the partnership, Karnataka Minister for Panchayati Raj and Rural Development and IT/BT, Priyank Kharge, said MiniMines’ work in critical minerals and rare earth recycling is a significant step toward India’s self-reliance and a greener future.