New Delhi
Canberra’s Minister of Resources and Northern Australia Madeleine King said on Monday that Australia is ready to supply critical minerals needed for India’s electric vehicles, solar power projects and other strategic sectors. Welcoming India’s Minister of Parliamentary Affairs, Coal and Mines, Prahlad Joshi, Ms. King said Australia will commit $5.8 million for the three-year India-Australia Critical Minerals Investment Partnership.
“Australia has the resources to help India reduce emissions and meet growing demand for critical minerals to help support India’s space and defense industries, and the manufacture of solar panels, batteries and electric vehicles. Australia bilaterally Welcoming India’s strong interest and support for the partnership, which will help advance critical mineral projects in Australia while diversifying global supply chains,” said Ms. King, the Indian counterpart since being elected to the Government of Albany in May. Said after his first meeting with.
Prime Minister Anthony Albanese attended the Quad Summit in Tokyo with Prime Minister Narendra Modi, US President Biden and Japanese Prime Minister Fumio Kishida shortly after his May 23 election victory, where all sides focused on green and sustainable forms. determined to concentrate. Energy that has attracted more global attention, especially in the backdrop of the ongoing Russian military campaign against Ukraine. Australian Defense Minister Richard Marles visited India from 20-23 June.
new business horizons
The war in Ukraine has indeed opened up new horizons for the critical minerals market and as a result, Australia can emerge as a major supplier of minerals to India. Before the start of the Russian military invasion of Ukraine on 24 February, Eastern Ukraine (Donbass) was expected to emerge as a major source of lithium in the world market. Russian advances and eventually control of the Donbass region – Donetsk and Luhansk – have forced emerging electric vehicle makers to look for lithium elsewhere, like Australia. In addition to lithium, the war has also hit the market for minerals that are essential for solar power generation.
Reflecting on the changing global realities that are prompting India and Australia to work closer on critical minerals, Minister King said, “Australia is a reliable supplier of resources and energy to India, and we are proud of Australia’s critical supply chains.” Can build on the success of the mineral sector.
While presenting the emerging framework for India-Australia cooperation in the critical mineral sector, Shri Joshi referred to the recently signed MoU between Mineral Bidesh India Limited (KBIL) and the Critical Minerals Facilitation Office (CMFO) of Australia, which deals with the production of lithium. Will try to source and Cobalt from Australia and said, “Both CMFO and Indian JV Kabil will jointly fund the due diligence process with an initial total amount of US$6 million. Once due diligence is completed and potential projects are identified Once there, we will explore investment opportunities through various modes as envisaged in the MoU.”