In partnership with Iluka Resources, the Australian government has provided up to $475 million (USD 303 million) in additional finance to Iluka to develop its $1.7 billion Eneabba Rare Earths Refinery project in Western Australia (WA).
The additional funding is subject to securing offtake agreements satisfactory to the government and delivering positive outcomes in line with the community benefits principles under the Future Made in Australia agenda.
A statement from Iluka said Eneabba is a strategic infrastructure asset that puts Iluka and Australia at the forefront of global electrification and the creation of new and resilient critical minerals supply chains for renewables.
Australian Prime Minister Anthony Albanese said critical minerals are the building blocks for a clean energy future and the government is determined to seize the economic opportunity to support local businesses and local jobs.
“A strong resources sector means a healthy economy and good, well paid local jobs, so we will back WA’s resources sector, through our plan for a Future Made in Australia and our production tax credits,” Albanese said.
Federal Minister for Trade and Tourism Don Farrell said the government is committed to becoming a renewable energy superpower, not just to tackle the global challenge of climate change but also to harness the opportunity to create significant high paying, secure jobs for Australians.
“Our country is blessed with an abundance of critical minerals and the Albanese Labor government wants Australians to benefit from this emerging sector,” Farrell said.
Federal Minister for Resources and Minister for Northern Australia Madeleine King said supporting critical minerals and rare earths industries is Australia taking responsibility to lead on critical minerals globally.
“Not only are critical minerals and rare earths key to the energy transition, but they are also essential to the defence industry and our national security,” King said.
“We stand at an important moment in time where the world wants what we have, and we just happen to have the most advanced mining sector in the world.”
A further $21 million was committed to five projects including $3.8 million for Brisbane-based critical minerals mining and manufacturing company Vecco Group to support the feasibility and design of a high-purity vanadium project, and $3 million to Brisbane-based Graphinex to support a proposed graphite refinery (battery anode hub) in Townsville.
In South Australia, Adelaide-headquartered Australian Rare Earths was granted $5 million to support a demonstration plant of ionic clay hosted rare earth elements at its Koppamurra Project in Naracoorte, and $2.7 million for Critical Minerals Group to support a vanadium electrolyte production chain for battery-grade chemical materials in northern Queensland, including Townsville and Mount Isa.
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