Demand for critical metals such as lithium and cobalt has surged in recent times due to their use in electric vehicles, part of a global movement towards cleaner energy sources to combat climate change.
At the same time, countries such as the United States, Australia and India are pushing to develop new sources of essential minerals to counter China’s dominance in these supply chains.
Minister Madeleine King said Australia would pledge A$5.8 million ($3.98 million) for a three-year investment partnership, while signing an agreement between key minerals company Khanij Bidesh India Ltd and the Australian Office of Critical Minerals Facilitation (CMFO).
The Indian company and CMFO will jointly fund a due diligence study of Australian lithium and cobalt mineral assets for an initial $6 million.
“After the due diligence studies are completed and potential projects are identified, we will explore investment opportunities through various methods set out in the MoU (memorandum of understanding),” said Minister King.
($1 = A$1.46)
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