Indian investment a key target of Western Australia’s mineral reforms

 – Gudstory

Indian investment a key target of Western Australia’s mineral reforms – Gudstory

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New Delhi : The state of Western Australia has implemented a series of reforms aimed at attracting investment in minerals and resources, including from India.

in an interview with peppermintRita Saffioti, Deputy Prime Minister of Western Australia, said there is great interest for greater investment and collaboration between Indian and Australian companies in the rare earth sector.

The approval reforms are aimed at supporting projects that aid decarbonization, he said.

Western Australia has been in focus for the supply of key critical minerals including lithium, nickel and cobalt, as well as rare earth metals, which are used in smartphones, computers, batteries and electronics.

Australia accounts for almost half of the world’s lithium production and has an equally important role in cobalt production. It is also the fourth largest rare-earth producer.

Western Australia has attracted investment from Indian state-owned companies, including NMDC Limited. Indian Mines Minister Pralhad Joshi visited the state in 2022, following which the Government of India announced that the bilateral critical minerals investment partnership between the two sides has identified two lithium projects and three. Cobalt Projects.

India’s mines ministry had said, “Investments under the partnership will seek to create new supply chains supported by critical minerals processed in Australia, helping India reduce emissions from its electricity network and become a global manufacturing hub, including for electric vehicles.” Will get.” in a statement.

Saffioti said his visit to India is also aimed at promoting Western Australia as an investment destination for private Indian companies. “There are opportunities for Indian investment in Western Australia through offtake agreements for key battery minerals,” Saffioti said.

In that context, the key minerals partnership between India and Western Australia is important given the global race to acquire lithium mines. Lithium is a key component in the manufacturing of batteries, especially for electric vehicles.

India is a net importer of lithium and lithium-ion batteries, with the majority coming from China. In an effort to reduce its dependence on China, India is also looking at acquiring global reserves and increasing its domestic production. India has found significant lithium reserves, especially in Jammu and Kashmir, but production may take some time.

Saffioti also highlighted the need for direct aviation connectivity between India and Western Australia as well as plans to increase the number of Indian tourists and students in the region.

Saffioti said the University of Western Australia is in talks to establish a presence in India. This comes after Australia’s Deakin and Wollongong universities announced plans to set up campuses in India.

Talks are also underway with Australian mining firms to assist in the development of India’s mining industry.

Nasheed Chaudhary, Trade and Investment Commissioner of Western Australia to India, said Australian companies are looking to expand their network of distributors and partnerships in India’s mining industry. He said that skilling Indian workers will also be the main focus of Australian companies.

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Published: Jan 25, 2024, 02:42 PM IST

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