Australia, India to Cooperate on Critical Minerals

Australia and India agreed on a deal to bolster cooperation on developing critical mineral projects and supply chains, according to Australia’s resources minister King.

While demand for critical metals like lithium and cobalt has skyrocketed due to their usage in electric vehicles (EVs), which are also in high demand amid the global push for a cleaner future, the supply side has struggled to keep up so far.

Countries like the United States, Australia and India have been scrambling to develop new sources of critical minerals to increase supply and also to reduce reliance on China, which has dominance over critical mineral supply chains.

King said Australia would commit A$5.8 million towards a three-year investment partnership. Australia’s Critical Minerals Facilitation Office (CMFO) will sign an agreement with critical minerals firm Khanij Bidesh India.

Khanij Bidesh and CMFO will jointly fund a due diligence study in lithium and cobalt mineral assets of Australia with an initial amount of $6 million.

King added that the two countries would explore investment opportunities once the due diligence is completed and potential projects are identified.

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