Canberra/New Delhi: Australia has the potential to become a major supplier of critical minerals to India like titanium, vanadium and lithium, and supporting jobs, supply chains and innovation in both countries, according to a new report published by the Australian government.
The report, ‘Unlocking Australia-India Critical Minerals Partnership Potential’, identifies areas where Australia can enhance trade, investment and research partnerships with India across the critical minerals supply chain. It has been published by the Australian Trade and Business Commission.
Australia’s Minister for Trade, Tourism and Investment Dan Tehan said demand for critical minerals in India complemented the Scott Morrison government’s strategy to elevate Australia as a world leader in exploration, extraction, production and potentially downstream processing of critical minerals.
“Critical minerals are essential inputs for industries such as electric mobility, energy storage systems, electronics, aerospace and defence,” Tehan said, according to a press release.
“India has an ambitious industrial development agenda that will require a stable and secure supply of critical minerals and related technologies. “
“Australia has among the world’s largest recoverable reserves of many critical minerals and is recognised as a leader in sustainable, ethical mining practices. We are also a world leader in mining equipment, technology and services capabilities, as well as in mineral and resources R&D.”
“Australia and India, working with our likeminded partners, can foster and strengthen those supply chains,” he said.
The report was published through the Australia-India Business Exchange (AIBX) programme, which is the Australian Government’s flagship programme to increase commercial partnerships and engagement between Australian and Indian business.
The report highlights ways Australian companies and institutions can partner with India to
supply critical minerals, attract investment for Australian mining and mineral processing projects, export services and technology to process, refine, recover and recycle critical minerals, help with mineral exploration in India, support India’s mining-related environmental management and carry out joint research projects.
It says that India offers economies of scale for offtake projects and a pipeline of manufacturing-led commercial innovation opportunities.
The publication of the report comes days after the India visit of former Australian Prime Minister Tony Abbott, who met Prime Minister Narendra Modi in New Delhi besides other top officials, and held talks to take forward the India-Australia Comprehensive Economic Cooperation Agreement.
During Abbott’s talks with Prime Minister Modi, the two discussed ways to strengthen bilateral trade, investment and economic cooperation to realize the full potential of the India-Australia Comprehensive Strategic Partnership.
Abbott, who has been named the Australian Prime Minister’s Special Trade Envoy for India, was in India on a five-day visit.
Australia’s Minister for Trade Dan Tehan has flagged that a trade deal with India will be one of his top priorities.