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MiniMines Signs INR 350 Crore MoU with Karnataka Government for Critical Minerals Refining Complex

MiniMines Cleantech Solutions has entered into a Memorandum of Understanding (MoU) with the Department of Electronics, IT & Biotechnology, Government of Karnataka, to set up an Rs 350 crore Giga Critical Minerals Refining Complex in Bengaluru. The agreement was formalized at the Bangalore International Centre and supports India’s National Critical Minerals Mission, aimed at boosting domestic refining capacity and enhancing self-reliance in key materials for electric mobility, renewable energy, and advanced manufacturing—positioning Karnataka as a key manufacturing hub.

The proposed facility will play a major role in creating a domestic supply of high-purity lithium, nickel, cobalt, copper, graphite, and other critical and rare earth elements essential for batteries, clean energy storage, aerospace, defence, electronics, and EV applications. The first phase of the complex will feature a refining capacity of 15,000 MTPA, generating an annual throughput of 13,400 tonnes. MiniMines expects the project to significantly contribute to downstream value creation—estimating that every Rs 1 crore of output could generate nearly Rs 3 crore in value across connected industries.

The complex will use MiniMines’ patented Hybrid-Hydrometallurgy (HHM) process for recycling lithium-ion batteries, along with ongoing R&D into its HydroMag REE Loop technology for rare earth magnet recovery. A world-class R&D and training facility will also be established on-site to promote workforce development, technology transfer, and continued innovation in circular mineral processing.

MiniMines Co-Founder and CEO Anupam Kumar said the MoU marks an important milestone in India’s journey toward critical mineral self-sufficiency. He emphasized that the facility will help build a domestic ecosystem for producing high-purity materials used in batteries, magnets, and clean energy technologies, all while reducing reliance on imports and recovering value from waste streams. “We will be extracting in India and supplying to the world,” he added.

The initiative is expected to conserve foreign exchange, enhance India’s strategic autonomy, and support national goals under Atmanirbhar Bharat and Make in India. Once operational, the project is projected to create more than 1,500 direct and indirect jobs, while contributing approximately Rs 1,300 crore in annual turnover and Rs 200 crore in GST revenue. Karnataka officials noted that the initiative aligns with the state’s vision of building a sustainable ESDM ecosystem and reducing import dependence through innovation-led manufacturing.

MiniMines’ progress in critical minerals and rare earth recycling is supported by grants totaling Rs 4.3 crore from Oil India Corporation, UNIDO, and ACT Grants, along with backing from Mercedes-Benz through its Climate Tech Incubator, Villgro. The company is further supported by investors such as Axilor Ventures, Beenext, Shastra VC, Pawan Munjal (Hero MotoCorp), and Warmup Ventures.