PERTH (miningweekly.com) – The Australian government has allocated A$5.8-million to a new three-year investment partnership with India, which could unlock mutual benefits for both countries from Australia’s world-leading critical minerals sector.
“Australia and India are natural partners sharing mutual strategic and economic priorities and this partnership will support further Indian investment in Australian critical minerals projects,” Minister for Resources and Water Keith Pitt said.
“It is the first of its kind and represents a step-change in how countries can work together to support key industries and pursue growth opportunities. Our combined capabilities will take on the challenge of resourcing the emerging technologies used in sectors such as defence, aerospace, automotive, renewable energy, telecommunications and agritech.
“India is forecast to become the world’s most populous country within two years. Its fast-growing economy will create more trade and investment opportunities, so it is important Australia continues to build close ties with India,” Pitt said.
He said Australia would work closely with India to identify potential critical minerals investment opportunities under the Australia-India Critical Minerals Investment Partnership, including technical and due diligence exercises which could assist development of a business case for prospective Indian investment in Australia.
“With our vast quantities of development-ready critical minerals projects and a reputation as a reliable trading partner, Australia is a logical choice as India looks to secure its supply chains,” Pitt said.
“The partnership will encourage strong, strategic supply chain partnerships, including through technical studies that will support investment in Australian critical minerals projects.”