What’s in the news?
- India and Australia have reached a major milestone in working towards investment in critical minerals projects to develop supply chains between the two countries.
- The Partnership has identified five target projects (two lithium and three cobalt).
- 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.
- 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.