India, Australia ink crucial minerals funding partnership

India and Australia on Saturday joined palms in working in direction of funding in crucial minerals corresponding to Lithium and cobalt to develop provide chains between the 2 international locations.

Coal and Mines Minister Pralhad Joshi and Minister for Assets and Northern Australia Madeleine King on Friday held bilateral talks and introduced that they’ve recognized 5 goal initiatives (two lithium and three cobalt) on which to undertake detailed due diligence, Mines Ministry mentioned in an announcement.

Each the international locations additionally agreed to deepen cooperation and lengthen their present commitments to the India-Australia Essential Minerals Funding Partnership, it added.

Investments beneath the partnership will search to construct new provide chains underpinned by crucial minerals processed in Australia, that can assist India’s plans decrease emissions from its electrical energy community and turn into a worldwide manufacturing hub, together with for electrical automobiles.

Australia produces nearly half of the world’s lithium and is the second-largest producer of cobalt and the fourth-largest producer of uncommon earths. With the anticipated enhance in world demand for low-emission applied sciences over the subsequent three many years, this partnership will go a great distance in direction of securing mutually useful crucial mineral provide chains.

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