Australia has declared its intent to become a major supplier of critical minerals to India, supporting jobs, supply chains, and innovation in both countries.
A new report by Austrade, 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.
The report outlines ways Australian companies can partner with India to supply critical minerals, attract investment for Australian mining and mineral processing projects, and export services and technology to process, refine, recover and recycle critical minerals.
The Deloitte report expresses Australia’s keen interest to assist India in its own mineral exploration, while supporting India’s mining-related environmental management.
Australia’s Minister for Trade, Tourism and Investment Dan Tehan said demand for critical minerals in India complemented the 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,” Mr Tehan said.
“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.” Mr Tehan added.
This report identifies a shortlist of eight critical mineral categories that are mutually important to both Australia and India. Industry experts believe Australia has the opportunity to become one of the top suppliers of cobalt and zircon to India, along with other critical minerals such as antimony, lithium, rare earth elements and tantalum.