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NEW DELHI : The state of Western Australia has implemented a series of reforms aimed at attracting investments in minerals and resources, including from India.
In an interview with Mint, Western Australia deputy premier Rita Saffioti said there was much interest for greater investments and collaborations between Indian and Australian firms in the rare earths sector.
The approvals reforms are aimed at supporting projects that assist with decarbonization, she said.
Western Australia has been in focus for its 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 roughly half of the world’s lithium production and has a similarly important position in cobalt production. It is also the fourth-largest rare-earths producer.
Western Australia has attracted investments from Indian state-owned firms including NMDC Ltd. Indian mines minister Prahlad Joshi visited the state in 2022, following which the Indian government announced that a bilateral critical minerals investment partnership between the two sides had identified two lithium projects and three cobalt projects.
“Investments under the partnership will seek to build new supply chains underpinned by critical minerals processed in Australia, that will help India’s plans to lower emissions from its electricity network and become a global manufacturing hub, including for electric vehicles,” India’s mines ministry had said in a statement.
Saffioti said her visit to India was 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 critical minerals partnership between India and Western Australia is significant considering the global race to acquire lithium mines. Lithium is a key component in manufacturing batteries, especially for electric vehicles.
India is a net importer of lithium and lithium-ion batteries, with most of the imports coming from China. In a bid to shed its reliance on China, India is looking at acquiring reserves globally and also boosting its domestic production. India has found significant lithium deposits, especially in Jammu and Kashmir, but production could be a while.
Saffioti also highlighted a need for direct aviation links between India and Western Australia as well as plans to increase the number of Indian tourists and students in the region.
Saffioti added that 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 establish campuses in India.
There are also ongoing conversations for Australian mining firms to assist India in the development of its mining industry.
Nashid Chowdhury, who is the trade and investment commissioner for Western Australia in India, said Australian firms are looking to increase their network of distributors and partnerships in India’s mining industry. Skilling Indian personnel will also be a key focus for Australian companies, he said.
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Published: 25 Jan 2024, 02:42 PM IST
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