Australia and India have inked a new Memorandum of Understanding (MoU) on critical minerals.
Resources Minister Keith Pitt said the announcement elevates the relationship between the two nations to a Comprehensive Strategic Partnership, paving the way for Australia to establishing itself as a reliable supplier of the critical minerals needed to grow India’s manufacturing sector and its defence and space capabilities.
“My department has worked closely with the Ministry of Mines to develop the MoU, which focuses on avenues to increase trade, investment and R&D in critical minerals between our two countries,” Minister Pitt said.
“The MoU identifies specific areas where Australia and India will work together to meet the raw material demands of the future economy, particularly the increased global demand for critical minerals.
“India presents growing opportunities for Australia’s critical minerals, especially as the nation looks to build its manufacturing sector, defence and space capabilities.”
Mr Pitt said Australia has the potential to be one of the top suppliers of cobalt, zircon antimony, lithium, rare earth elements and tantalum to India.
“Indian Government policies such as the Make in India program, and its goal of moving to full electric mobility by 2030, are expected to increase Indian demand for critical minerals,” the Minister concluded.