India and Australia have joined forces to create a new partnership aimed at driving economic growth and sustainability through critical minerals investment. The two countries have identified several areas of collaboration, including investment, trade, research, and development of critical minerals, which are essential for many industries, including clean energy, defence, and technology.

What are critical minerals?

Critical minerals are those that are essential to modern technology and other industrial applications. These minerals are used in a wide range of products, from smartphones and laptops to electric vehicles and wind turbines. Some of the most critical minerals include lithium, cobalt, nickel, rare earth elements, and copper.

India and Australia’s Critical Minerals Investment Partnership

India and Australia’s Critical Minerals Investment Partnership was announced in June 2021, during a virtual summit between the two countries’ prime ministers. The partnership aims to enhance collaboration in the field of critical minerals, including investment, trade, research, and development.

As part of the partnership, India and Australia have agreed to establish a Joint Working Group on Critical Minerals, which will identify potential areas for collaboration and cooperation. The group will focus on identifying critical minerals for commercial production, assessing the demand for these minerals, and developing sustainable mining and processing practices.

India and Australia also plan to establish a virtual centre of excellence for critical minerals research and development. The centre will bring together experts from both countries to collaborate on research and development of critical minerals, including exploration, mining, processing, and recycling.

Benefits of the Critical Minerals Investment Partnership

The partnership between India and Australia is expected to provide several benefits, including:

1. Increased access to critical minerals: The partnership will enable both countries to secure a reliable supply of critical minerals, which are essential for many industries, including clean energy, defence, and technology.
2. Economic growth: The partnership will help drive economic growth in both countries by creating new opportunities for investment, trade, and research and development.
3. Sustainable mining and processing: The partnership will focus on developing sustainable mining and processing practices for critical minerals, which will help minimize environmental impacts and ensure social responsibility.
4. Job creation: The partnership is expected to create new job opportunities in both countries, particularly in the mining and processing sectors.

Conclusion

India and Australia’s Critical Minerals Investment Partnership is a significant step towards driving economic growth and sustainability through critical minerals investment. The partnership will enable both countries to secure a reliable supply of critical minerals, while also promoting sustainable mining and processing practices. With the establishment of a Joint Working Group on Critical Minerals and a virtual centre of excellence for critical minerals research and development, the partnership is expected to create new opportunities for investment, trade, and job creation in both countries.

Sources:

1. Ministry of External Affairs, Government of India. (2021, June 09). Joint Statement on the India-Australia Leaders’ Virtual Summit. https://mea.gov.in/bilateral-documents.htm?dtl/33977/Joint_Statement_on_the_IndiaAustralia_Leaders_Virtual_Summit.
2. Department of Industry, Science, Energy and Resources, Australian Government. (2021, June 09). Joint statement on critical minerals cooperation between Australia and India. https://www.industry.gov.au/news/joint-statement-on-critical-minerals-cooperation-between-australia-and-india.
3. Australian Trade and Investment Commission. (2021, June 11). Australia and India strengthen critical minerals partnership. https://www.austrade.gov.au/news/news/northern-hemisphere/australia-and-india-strengthen-critical-minerals-partnership.