Indian Economy News

Australia announces commitment of AU$ 5.8 million for Critical Mineral partnership with India

On June 4, India and Australia improved collaboration on supply chains and projects for critical minerals following a meeting between Resources and Northern Australia Minister, Ms. Madeleine King, and her Indian counterpart, Minister for Parliamentary Affairs, Coal and Mines, Mr. Pralhad Joshi.

In a three-year, AU$ 5.8 million (US$ 3.93 million) commitment, Ms. King announced that Australia would join the India-Australia Critical Minerals Investment Partnership.

Mr. Joshi stated that India has recently signed an MoU between Khanij Bidesh India Ltd (KABIL), and the Critical Minerals Facilitation Office (CMFO), Australia, which aims to ensure reliable supplies of critical and strategic minerals to India.

The MoU involves cooperative due diligence on Australian mining assets for lithium and cobalt. The due diligence procedure would be jointly funded by CMFO and the Indian JV KABIL with an initial sum of US$ 6 million. As outlined in the MoU, India will investigate investment options after the due diligence is finished and relevant projects have been identified.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.