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Source: The post is based on the article “Milestone in India and Australia reach Critical Minerals Investment Partnership” published in PIB on 13th March 2023.
What is the News?
India and Australia have taken a significant step towards investing in critical minerals projects to develop supply chains between the two countries.
What are Critical Minerals?
About India-Australia Critical Minerals Investment Partnership
The partnership aims 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.
Under the partnership, five target projects including two lithium and three cobalt have been identified.
Significance of this partnership: Australia produces almost half of the world’s lithium, is the second-largest producer of cobalt, and is the fourth-largest producer of rare earth minerals.
– 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.
