Dubbo project in New South Wales awarded $3.7 million by the Australian government.
Critical minerals miner Australian Strategic Minerals has secured $3.7 million (AUS$5 million) in government support to advance its Dubbo rare earth project in New South Wales. The funding will support up to half the expenses of a study to find more efficient rare earth refining methods at ASM’s mine and processing plant. Besides the coveted rare earths, the deposit also contains other critical minerals, such as zirconium, hafnium, and niobium. ASM managing director and CEO Rowena Smith thanked the government for the support, adding that the funding will fast-track the development of the Dubbo project, setting it up to supply industries in Australia and partner countries.
In a press statement, Australian resource minister Madeleine King emphasized that the Australian government is committed to supporting the domestic rare earth and critical minerals sector to help Australia and its partners “meet their economic, national security and emission reduction commitments.” King added that the project would also receive further support through Premier Anthony Albanese’s plan to provide tax incentives for domestic critical minerals processing under the Future Made in Australia Act. In September, King called it a “national mission” to boost Australia’s critical mineral sector. However, the opposition has so far disputed the proposed tax breaks.
ASM is currently in talks with the Export-Import Bank of the United States over a possible $600 million in debt financing. The support would be linked to U.S. companies supplying construction goods and equipment during the construction phase as well as the project’s role in cross-continental supply chains.
Photo: CUHRIG via Canva
