A new agreement paves the way towards Australia becoming a major source of minerals to feed India’s manufacturing sector and its defence and space capabilities.
Australia and India today announced a new Memorandum of Understanding (MOU) on critical minerals.
The announcement was a key outcome of the virtual meeting between Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi to elevate the relationship between the two nations to a Comprehensive Strategic Partnership.
Minister for Resources, Water and Northern Australia Keith Pitt said India was a key potential market for Australia’s critical minerals.
“The MoU identifies specific areas where Australia and India will work together to meet the raw material demands of the future economy, particularly the increased global demand for critical minerals,” he said.
“India presents growing opportunities for Australia’s critical minerals, especially as the nation looks to build its manufacturing sector, defence and space capabilities.”
Australia has the potential to be one of the top suppliers of cobalt and zircon to India, being in the top three for global production of these minerals.
Australia also has reserves to supply many other critical minerals to India, including antimony, lithium, rare earth elements and tantalum.