According to Australia’s resources minister, Australia and India signed a collaboration agreement on Monday to enhance their cooperation in creating crucial metal projects and supply chains.
Because they are used in electric vehicles, vital metals like lithium and cobalt are in high demand right now as the world moves toward cleaner energy sources to combat climate change.
In order to challenge China’s hegemony over these supply chains, nations like the United States, Australia, and India are working hard to create new supplies of vital minerals.
While signing an agreement between critical minerals company Khanij Bidesh India Ltd. and the Critical Minerals Facilitation Office of Australia, Minister Madeleine King announced that Australia would contribute A$5.8 million ($3.98 million) toward a three-year investment partnership (CMFO).
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With an initial $6 million investment, the Indian business and CMFO will work together to conduct a due diligence investigation into Australian lithium and cobalt mineral properties.
As stated in the MoU (memorandum of understanding), “Once the due diligence is finished and prospective projects are found, we will investigate investment prospects through other channels,” minister King added.