As supplier of critical minerals, Australia is India's natural partner in achieving clean energy goals: Minister Catherine Gallagher

“India has the world’s fastest-growing aspirational middle class; an ambitious nation-building agenda and is envisioning to become a global hi-tech manufacturing hub,” Gallagher, who is also the head of Austrade- South Asia, said at the IMME and Global Mining Summit on Wednesday.

As on 3rd August 2022, a total of 13,92,265 Electric Vehicles (EVs), according to government data and there is an increased emphasis on faster adoption of electric mobility.

India is import-dependent on critical metals and minerals like copper, lithium, cobalt and Rare Earth Elements (REE) necessary to manufacture EVs.

In terms of critical minerals, Australia is the world’s largest producer of lithium with 3rd largest reserves of lithium globally.

“We are the 2nd largest producer of rare earth elements or REEs with many untapped deposits. Australia also has large resources of cobalt, manganese, titanium, tungsten and zygonium,” she noted.

Gallagher said Australia can be India’s secure supply of battery minerals and technology for electronic mobility, adding that Australia’s future battery industries CRC is already working with India Energy Storage Alliance to develop advanced materials for battery manufacturing in India.

Noting that India is investing heavily in renewables, Gallagher said her country can supply hydrogen and related technologies.

Asserting that a strong relationship is of mutual value as the two countries work hand-in-hand to build a sustainable future, she stated that the cooperation between the two countries was further elevated with the Comprehensive Strategic Partnership signed by Australia and India in June 2020, MoU on critical and strategic minerals and the Australia India Economic Cooperation and Trade Agreement better known as AIECTA signed earlier in 2022.

“The momentum between our two countries in the resources sector is already well developed. Not surprisingly, our bilateral relationship is also very strong and just getting stronger and stronger,” she averred.

In the resources sector, the benefits of ECTA will include the elimination of tariffs on coal, alumina, metallic ores including manganese, copper and nickel and critical minerals, including titanium and so forth.

Tariff on LNG will also be barrelled at zero percent on entry into force which we hope will be later this year, she added.

Gallagher further highlighted how Australia and India are partnering on the Quadrilateral Security Dialogue or QUAD, which is viewed as a response to increased Chinese economic and military power.

As China dominates the critical metals and minerals as well as the RRE supply chain, Australia’s role is significant to India’s progress in clean energy and other strategic industries such as defence and aviation.

“Adding to the partnership of the two nations is the QUAD which is responding to the region's most pressing challenges including climate change including climate change and the need for emerging technologies,” she said, adding that the futures of both countries are entwined and Australia and India's growth strategy is complementary.

As recently as last month, 14 representatives of Australia's critical mineral ecosystem visited India under the auspices of her agency, Gallagher said.

At the ongoing IMME event, 78 delegates from 41 Australian firms in the metals and mining sector are participating this year.