Keith Pitt announces India-Australia critical minerals partnership

The Australian Government has allocated $5.8 million to a three year partnership with India, set to boost Australia’s critical minerals sector and offer long term opportunities for QLD’s critical minerals producers.

It was announced on Friday the Australian Government has allocated $5.8 million to a partnership with India to boost Australia’s critical minerals sector.

Resources and Water Minister Keith Pitt welcomed the three-year partnership, describing it as the “first of its kind”.

“Australia and India are natural partners sharing mutual strategic and economic priorities and this partnership will support further Indian investment in Australian critical minerals projects,” Mr Pitt said.

He said while coal from the Adani mine would remain important to Queensland’s economic future, this announcement focused on the emerging critical minerals market.

“These are the minerals that are essential for new technology in areas including communications, defence, health and transport,” he said.

“Critical minerals produced in Queensland include bauxite, magnesite, nickel and tantalum to name a few.

“The partnership I’ve announced with India will ensure long term opportunities for the state’s critical minerals producers and encourage further investment in the state.”

Mr Pitt said India was forecast to become the world’s most populous country within two years.

“Its fast-growing economy will create more trade and investment opportunities, so it is important Australia continues to build close ties with India.”

He said working with India would help identify potential investment opportunities in the minerals sector for more prospective India investment.

“With our vast quantities of development-ready critical minerals projects and reputation as a reliable trading partner, Australia is a logical choice as India looks to secure its supply chains,” Mr Pitt said.

“The partnership will encourage a strong, strategic supply chain partnerships, including through technical studies that will support investment in Australian critical minerals projects.”

Mr Pitt said partnerships like this could help diversify Australia’s international market.

“We are committed to developing sovereign manufacturing capability in Australia and through arrangements like this weare ensuring industry can access the necessary feedstock.”