India And Australia To Develop Critical Minerals Supply Chains; Identify Five Target Projects For Lithium, Cobalt

India and Australia have taken a significant step towards investing in critical minerals projects to develop supply chains between the two countries.

On Friday (10 March), Union Minister of Mines Pralhad Joshi, and Minister for Resources and Northern Australia Madeleine King held bilateral talks and agreed to deepen cooperation and extend their existing commitments to the India- Australia Critical Minerals Investment Partnership.

They also announced that the Partnership has identified five target projects, including two lithium and three cobalt, on which to undertake detailed due diligence.

The India-Australia Critical Minerals Investment Partnership aims to build new supply chains underpinned by critical minerals processed in Australia, helping India lower emissions from its electricity network and become a global manufacturing hub for electric vehicles, according to a Ministry of Mines statement on Saturday (11 March).

“The partnership between India’s KABIL and CMO Australia has reached the first milestone in a short span of one year from signing the MoU in March 2022 between both the organisations,” said Joshi.

“India’s goals to lower carbon emissions and boost electric vehicle production present great opportunities and prospects for Australia’s critical minerals sector, for renewable exports and for building stronger supply chains," Australian Minister King said.

"Working together, both the nations are committed to reducing emissions, guarantee energy security, and diversify global markets for critical minerals and clean technologies," the minister added.

Australia produces almost half of the world's lithium, is the second-largest producer of cobalt, and the fourth-largest producer of rare earths. T

According to the ministry,  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.