Australia will supply uranium for India’s energy sector: PM Modi, Albanese hail strategic security ties

Prime Minister Narendra Modi on Thursday hailed India-Australia strategic security ties as the two countries signed an agreement for the supply of uranium and critical minerals.

Modi said that these agreements will be important for India's strategic security and clean energy transition.

"In the nuclear energy sector, we have signed an important agreement today. This will pave the way for uranium supply from Australia to India, and this will give new strengthen to our aim for clean energy. Our cooperation in the area of critical minerals is important for our strategic security and clean energy transition. We will also work on a critical minerals corridor," said Modi in a media briefing beside Australian PM Anthony Albanese.

Modi further said that India and Australia have set a target of 100 gigawatts of nuclear energy capacity by 2047. He added that Australia's vast uranium reserves align directly with India's nuclear journey.

Australia further reiterated its strong support for India’s membership of the Nuclear Suppliers’ Group, and Albanese joined Modi to welcome the signing of the agreement for the long-term Australian uranium exports to India for civilian purposes, according to the India-Australia joint statement.

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In the joint statement, Modi and Albanese called for an all-hands-on deck approach to build secure supply chain of critical minerals bilaterally as well as multilaterally. They underscored the importance of partnerships between Indian and Australian government agencies, public and private companies, and research institutions, to promote investment, secure long-term deals, and support the development of minerals' processing and value-addition capabilities.

"The Leaders affirmed that transparent, secure and resilient supply chains are central to our economic security. They acknowledged the importance of working together to support supply chain collaboration, particularly for energy, and critical minerals, including through bilateral initiatives and multilateral fora," the joint statement further said.

Modi and Albanese further said that they recognise Australia’s role as an important supplier of liquefied natural gas (LNG) to India and India's role as an important supplier of liquid fuels and other downstream products to Australia.

"Australia and India commit to support the continued flow of energy products and further enhance the energy trade between our two countries. Australia and India also reiterate the importance of encouraging investment opportunities across the energy value chain," the statement further read.