India-Australia Strategic Partnership: Securing Critical Minerals and Defence Innovation
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India and Australia have signed a landmark MoU to cooperate on the exploration and processing of critical minerals like lithium and cobalt. This partnership aims to secure India's green energy supply chain and enhance bilateral defence technology research.
India and Australia have recently solidified their Comprehensive Strategic Partnership by signing a Memorandum of Understanding (MoU) focused on the exploration and processing of critical minerals, specifically lithium and cobalt. This move is a significant step toward securing India’s supply chain for its ambitious electric vehicle (EV) and renewable energy targets.
Australia, being one of the world’s largest producers of lithium and possessing significant cobalt reserves, serves as a natural partner for India. As India aims to achieve net-zero emissions by 2070 and transition to 30% EV penetration by 2030, the demand for battery-grade minerals is expected to skyrocket. Currently, the global supply chain for these minerals is highly concentrated, making diversification a strategic necessity for India’s economic and energy security. By securing access to these resources, India can mitigate the risks associated with import dependencies and price volatility.
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