India and Australia on Saturday joined hands in working towards investment in critical minerals such as Lithium and cobalt to develop supply chains between the two countries.

Coal and Mines Minister Pralhad Joshi and Minister for Resources and Northern Australia Madeleine King on Friday held bilateral talks and announced that they have identified five target projects (two lithium and three cobalt) on which to undertake detailed due diligence, Mines Ministry said in a statement.

Both the countries also agreed to deepen cooperation and extend their existing commitments to the India-Australia Critical Minerals Investment Partnership, it added.

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Investments under the partnership will seek to build new supply chains underpinned by critical minerals processed in Australia, that will help India’s plans lower emissions from its electricity network and become a global manufacturing hub, including for electric vehicles.

Australia produces almost half of the world’s lithium and is the second-largest producer of cobalt and the fourth-largest producer of rare earths. With the expected increase in global demand for low-emission technologies over the next three decades, this partnership will go a long way towards securing mutually beneficial critical mineral supply chains.