India and Australia held bilateral talks on Friday to work toward investing in crucial mineral projects, like lithium, to build supply chains between the two countries.
Madeleine King, Minister for Resources and Northern Australia, and Pralhad Joshi, Union Minister for Coal, Mines, and Parliamentary Affairs, announced the partnership and identified five target projects for in-depth due diligence, two of which are lithium mines and three of which are cobalt mines.
In addition, ministers from the two nations have agreed to expand their existing commitments to the India-Australia Critical Minerals Investment Partnership and intensify their cooperation.
Speculations under the organization will look to fabricate new stock chains supported by basic minerals handled in Australia, that will assist India’s arrangements with bringing down discharges from its power organization and turned into a worldwide assembling center point, including for electric vehicles.
Joshi claims that the partnership between CMO Australia and India’s Khanij Bidesh India Ltd (KABIL) has reached the first milestone within a year of signing the Memorandum of Understanding in March 2022.
Australia’s vital minerals sector, renewable exports, and strengthening supply chains stand to benefit greatly from India’s efforts to lower carbon emissions and increase production of electric vehicles, according to Minister King.
The minister went on to say that the two countries are committed to working together to cut emissions, ensure energy security, and broaden global markets for essential minerals and clean technologies.
Australia creates almost 50% of the world’s lithium, is the second-biggest maker of cobalt and the fourth-biggest maker of intriguing earth components. This partnership will greatly assist in securing mutually beneficial critical mineral supply chains in light of the anticipated rise in global demand for low-emission technologies over the next three decades.