Critical mineral industry gets a boost with new funding

The Australian government is investing millions in Australia’s critical minerals industry as part of its Future Made in Australia initiative.

The government is providing up to $475 million in additional finance to help develop the Eneabba Rare Earths Refinery project in Western Australia.

This project is Australia’s first integrated rare earths refinery and will support 900 jobs at its peak during construction, and an additional 250 jobs once operational.

Grants of around $21 million have also been given to projects in the critical minerals and rare earth elements sectors across the country, with almost 400 new jobs forecast to be created as a result of the investment.

Federal Minister for Resources and Northern Australia, Madeleine King, said the funding will help a number of critical minerals projects move into the next stage of development.

“Critical minerals and rare earths elements are essential components of clean energy technology such as storage batteries, solar panels, and wind turbines, as well as high-technology defence and medical applications,” King said.

“Our ongoing national security and capabilities depend upon growing a strong and internationally competitive critical minerals and rare earth industry.

“Australia is determined to diversify global supply chains for these crucial materials and to create jobs in Australia in projects that support our path to net zero and the energy and security needs of our trading partners.”

The grants include $3 million for Graphinex, to support a proposed graphite refinery and battery anode hub in Townsville; $5 million for Australian Rare Earths, to support a demonstration plant of ionic clay hosted rare earth elements from its Koppamurra Project at Naracoorte in South Australia; and $2.7 million for Critical Minerals Group, to support a vanadium electrolyte production chain for battery-grade chemical materials in northern Queensland.

Earlier this year, Japanese conglomerate subsidiary Idemistu Australia invested in Graphinex, taking a major stake in the company.