NEW DELHI: India and Australia have taken a significant step towards investing in critical minerals projects to develop supply chains between the two countries, said a statement from the union ministry of mines on Saturday, March 11.

"Friday's bilateral meetings between Ministers for Resources and Northern Australia Madeleine King and Union Minister for Coal, Mines and Parliamentary Affairs Pralhad Joshi held a bilateral talks and announced five target projects (two for lithium and three for cobalt) for thorough due diligence "It read.

As per the statement, India and Australia have made significant progress in investing in vital mining projects that will create supply networks between the two nations.

A deeper level of cooperation and an extension of current commitments to the India-Australia Critical Minerals Investment Partnership have also been agreed upon by the ministers of the two nations.

The statement noted that India and Australia have reached a major milestone in working towards investment in critical minerals projects to develop supply chains between the two countries.

In just one year following the signing of the Memorandum of Understanding between the two organisations in March 2022, the cooperation between India's KABIL and CMO Australia has achieved its first major milestone, said the minister.

Australia Madeleine King said that the exports of renewable energy, and the development of tighter supply chains all stand to benefit greatly from India's plans to reduce carbon emissions and increase the manufacture of electric vehicles. Together, the two countries are dedicated to lowering emissions, ensuring energy security, and expanding global markets for essential minerals and environmentally friendly products."

About half of the world's lithium is produced in Australia, which is also the second-largest cobalt and rare earth element producer. According to the statement, this agreement will go a long way towards assuring mutually beneficial vital mineral supply chains, especially given the anticipated rise in the demand for low-emissions technology over the ensuing three decades.

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