Australia Approves $1.25 Billion Loan to Develop Rare Earths Refinery

Canberra: The Australian Government today approved a $1.25 billion loan through the Critical Minerals Facility to Australian company Iluka Resources, to develop Australia’s first integrated rare earths refinery in Western Australia.
 
The refinery will produce separated rare earth oxide products (Praseodymium, Dysprosium, Neodymium and Terbium), which are used in permanent magnets in a wide range of technologies, including electric vehicles, clean energy generation and defence.
 
The Eneabba Refinery Project strongly aligns with the objectives of the Australian Government’s Critical Minerals Strategy. 

It will capture more value on-shore from our critical minerals, strengthen Australia’s position as a trusted supplier of critical minerals, and create regional jobs crucial for the new energy economy.
 
This loan builds on the Australian Government’s support for the critical minerals sector to help realise our vision of becoming a global critical minerals powerhouse by 2030.
 
Australian Prime Minister Scott Morrison said the announcement represented a decisive step forward in rare earths production and processing in Australia.
 
"Australia has the best resource industry in the world and we have an unrivalled competitive-edge when it comes to being a reliable, sustainable provider of critical minerals and rare earths," the Prime Minister said in a media release on Monday.
 
"Our support for this project will capitalise on our advantages, helping to strengthen Australia’s critical minerals supply chain while also creating huge job and economic opportunities for Australians for generations to come. Australia’s critical minerals are in demand because they are the key input for everything from mobile phones to fighter jets, not to mention the technologies of the future that haven’t even been realised yet," he added.
 
This loan will be administered by Export Finance Australia and is the third project under the Government’s Critical Minerals Facility to be announced.
 
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