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NEW DELHI — India has committed to jointly invest $6 million with the Australian government to explore lithium and cobalt mines in Australia over the next six months, in a bid to firm up supplies of key minerals needed to further its electric vehicle plans.

India’s KABIL, a mining joint venture between state-run firms National Aluminium Co, Hindustan Copper Ltd and Mineral Exploration Corp Ltd, has signed a preliminary agreement with Australia’s Critical Minerals Facilitation Office (CMFO), the Indian government said on Tuesday.

The move comes at a time when India is offering $2.4 billion of incentives for companies to build battery cells locally for electric vehicles. Lithium, whose price has surged in the recent days, is a key raw material used to make electric vehicle batteries.

Read more at: https://financialpost.com/pmn/business-pmn/india-to-invest-in-exploring-lithium-cobalt-mines-in-australia