Joshi-King agree to extent commitment to Critical Minerals Investment Partnership
India and Australia will undertake detailed due diligence on two lithium and three cobalt projects, the Ministry of Mines said on 11 Mar 2023, calling these studies a milestone in Critical Minerals Investment Partnership to develop supply chains between the two countries.
The announcement came following bilateral talks held by Minister for Coal and Mines Pralhad Joshi and Minister for Resources and Northern Australia Madeleine King on 10 Mar 2023.
“Ministers from the two countries have also agreed to deepen cooperation and extend their existing commitments to the India-Australia Critical Minerals Investment Partnership,” said the Ministry.
Investments under the Partnership will seek to build new supply chains underpinned by critical minerals processed in Australia, that will help India’s plans to lower emissions from its electricity network and become a global manufacturing hub, including for electric vehicles.
The partnership between India’s KABIL and CMO Australia has reached the first milestone in a short span of one year from signing of the MoU in March 2022 between both the organisations, added Joshi.
King elaborated, “India’s goals to lower carbon emissions and boost electric vehicle production presents great opportunities and prospects for Australia’s critical minerals sector, for renewable exports and for building stronger supply chains.
“Working together, both the nations are committed to reduce emissions, guarantee energy security and diversify global markets for critical minerals and clean technologies.”
Australia produces almost half of the world’s lithium, is the second-largest producer of cobalt and the fourth-largest producer of rare earths.
With the expected increase in global demand for low-emissions technologies over the next three decades, this partnership will go a long way towards securing mutually beneficial critical mineral supply chains, the Ministry said.
Joshi visited Western Australia in 2022 and toured Tianqi Lithium Energy’s Kwinana Lithium Hydroxide Refinery.
The partnership on critical minerals has taken further momentum after Joshi visited to Western Australia, it added. fiinews.com
