Australia announces critical minerals investment partnership with India

World Friday 11/March/2022 12:08 PM
Australia announces critical minerals investment partnership with India

Canberra: Australia has announced a three-year critical minerals investment partnership with India that will unlock mutual benefits for both countries from Canberra's leading critical minerals sector.

"Australia and India have announced a USD 5.8 million 3-year Critical Minerals Investment Partnership, unlocking mutual benefits from Australia's world-leading critical minerals sector. The partnership will encourage strong, strategic supply chain partnerships, including through technical studies," Australian High Commissioner Barry O'Farrell said in a tweet. Farrell said Australia and India are natural partners who share mutual strategic and economic priorities.

"...This partnership is the first of its kind, represents a step-change in how countries can work together to support key industries and pursue growth opportunities," he added.

The Australian government has allocated USD 5.8 million to the three-year Australia-India Critical Minerals Investment Partnership, Australia's Minister for Resources and Water Keith Pitt said in a press statement.

"Australia and India are natural partners sharing mutual strategic and economic priorities and this partnership will support further Indian investment in Australian critical minerals projects," Minister Pitt said.

He said the combined capabilities of Australia and India will take on the challenge of resourcing the emerging technologies used in sectors such as defence, aerospace, automotive, renewable energy, telecommunications, and agritech.

"India is forecast to become the world's most populous country within two years. Its fast-growing economy will create more trade and investment opportunities, so it is important Australia continues to build close ties with India," Pitt said.

Further, Pitt said Australia will work closely with India to identify potential critical minerals investment opportunities, including technical and due diligence exercises that can assist the development of a business case for prospective Indian investment in Australia.

"With our vast quantities of development-ready critical minerals projects and reputation as a reliable trading partner, Australia is a logical choice as India looks to secure its supply chains," Minister Pitt said.