Article by Gerard Cockburn courtesy of the West Australian.
WA mining billionaire Gina Rinehart has held talks with Indian Prime Minister Narenda Modi during his Australian visit, days after it was revealed her company is looking at a lithium partnership with India’s biggest iron ore miner.
Mrs Rinehart, speaking to media on Tuesday after her meeting with Mr Modi, said the discussions were “exciting” and the trade potential between the two countries was “huge”.
“The growth recently has been huge, the growth in the future is going to be huge. Australia really needs to work harder to develop its relations with India,” she said.
“You only need to look at the investment that has flowed to India from about 60 different countries.”
The West Australian reported on Saturday that executives of the Indian Government-owned NMDC (formerly the National Mineral Development Corporation ) flew out of WA on Friday after a visit that included meetings with the State Government and lithium processors, and a tour of the Roy Hill iron ore mine owned by Mrs Rinehart.
NMDC has recently turned its attention to lithium and other critical minerals, seeking to upscale India in the mining and processing of battery metals to meet the uptake of EVs in the world’s third-biggest car market.
It is believed the Hancock-led joint venture could formalise a lithium pact with NMDC by the end of next month. Mr Modi is set to meet several business delegates over the next two days in Sydney, including Rio Tinto Australia chief executive Kellie Parker and BHP Australia president Geraldine Slattery.
His talks with Australia’s top companies are part of a growing dialogue with India to expand trade relations in key sectors like resources and technology.
“We want to boost our trade and investment with one of the world’s fastest growing major economies,” Trade Minister Don Farrell said.
Westpac senior economist Justin Smirk said India was rapidly electrifying its economy.
“Cars, scooters and rickshaws are all going electric and so lithium-ion batteries are the focus to generate that.
And what does WA have? Nickel and lithium,” he said. Mr Smirk also said tourism and education would be big areas of growth between the countries.
