Sao Paulo: Brazil is emerging as a key source of rare earths that could power India's energy transition, electric vehicles and semiconductor industry and help reduce dependence on China. It has an estimated 21 million tonnes of rare earth elements, about a quarter of global reserves and next only to China's, along with 26% of the world's graphite, more than 90% of niobium and large deposits of nickel, lithium and copper.Brazil is actively courting foreign investment including from India while pushing to localise the refining and processing value chain. India and Brazil, South America's largest economy, had decided to fast-track collaboration in this sector during President Luiz Inacio Lula da Silva''s state visit to India in February.Also Read: Boosting BRICS, Brazil eyes role in India's defence sectorUntapped deposits in Brazilian states such as Goias and Minas Gerais are focal points for international exploration.Brazil holds a near monopoly in reserves of niobium, which is essential for high-strength steel and alloys. It also has 26% of global graphite and 12% of nickel, both of which are highly coveted for electric vehicle batteries and energy storage.Primarily located in Minas Gerais's 'Lithium Valley', reserves continue to scale up, making it a highly active hub for battery metal production.As India looks to diversify sourcing of rare earths and critical minerals beyond China, which accounts for about 90% of global rare earth processing, South America is emerging as a critical source. Besides Brazil, India is exploring sourcing critical minerals from Chile, Argentina, Peru and Venezuela in the continent.Chile, which is in the decisive leg of negotiations for a comprehensive economic partnership agreement with India, is providing the country major mining opportunities in critical minerals including copper, lithium and cobalt.Chile possesses more than 20 per cent of the world's copper reserves, 30 per cent of global lithium reserves, making it the world's second-largest producer, and a substantial amount of cobalt. It offers significant opportunities to Indian companies looking to secure access to these minerals through greenfield and brownfield mining projects, ET reported last week.Initial talks have started with Venezuela on sourcing critical minerals.