The Australian government intends to provide financial support to the critical raw materials industry to consolidate its position in the fast-growing market. A total of 243 million Australian dollars (160 million euros) will be made available for this purpose, Prime Minister Scott Morrison announced today.
Among the four projects being funded is Arafura Resources’ flagship Nolans project, the first rare earths processing plant in Australia. The equivalent of just under 20 million euros will be provided for construction, with total costs amounting to around 60 million euros.
Funding is also being provided for the construction of a battery factory, a vanadium processing plant and a production plant for high-purity alumina. The funds come from the Modern Manufacturing Initiative, which aims to make Australian industry more competitive and resilient.