An $840 million package of loans and grants is the Albanese government’s biggest deployment of taxpayer funds to the struggling rare earths industry.
with an $840 million package of loans and grants to help Gina Rinehart-backed Arafura Rare Earths develop its Northern Territory mine and refinery.
The planned mine, situated about 125 kilometres north of Alice Springs, would produce elements like neodymium and praseodymium in oxide form. Those commodities are used to make cars, wind turbines and fighter jets, making them essential for both decarbonisation and defence. Mr Albanese said the funding was a critical element of his plan to expand Australian-made supply chains.“This will create local jobs and economic opportunities, helping Australian and Territory companies and workers capture more value from the game-changing critical minerals deposits we have here,” he said in a statement.
Most of the Labor package is in the form of debt financing, with around $30 million in the form of a direct grant from the former Coalition government’s Modern Manufacturing Initiative.
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