Australia and India agreed on Monday to strengthen their cooperation in developing critical metal projects and supply chains, according to Australia’s resources minister.
Demand for critical metals such as lithium and cobalt has risen 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.
Minister Madeleine King announced a three-year investment partnership worth A$5.8 million ($3.98 million) while signing an agreement between critical minerals firm Khanij Bidesh India Ltd and the Critical Minerals Facilitation Office of Australia (CMFO).
With an initial investment of $6 million, the Indian company and CMFO will fund a due diligence study in Australia’s lithium and cobalt mineral assets.
“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.
Source:IE