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Australia and India on July 4 agreed to a partnership to strengthen their co-operation in developing critical metal projects and supply chains, according to Australia’s resources minister.
Demand for critical metals such as lithium and cobalt has raised in recent years due to their use in electric vehicles, as part of a global push toward cleaner energy sources to combat climate change.
At the same time, countries such as the United States, Australia, and India are pushing for the development of new sources of critical minerals to counter China's dominance in those supply chains.
Australia would commit A$5.8 million towards three year investment partnership
Minister Madeleine King said Australia would commit A$5.8 million ($3.98 million) towards a three year investment partnership, while signing an agreement between critical minerals firm Khanij Bidesh India Ltd and the Critical Minerals Facilitation Office of Australia (CMFO).
Both the Indian company and CMFO will jointly fund a due diligence study in lithium and cobalt mineral assets of Australia with an initial amount of $6 million.
“Once the due diligence is completed and potential projects are identified, we will explore investment opportunities through different methods as envisaged in the MoU (memorandum of understanding),” said minister King.
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