The Australian Government is supporting Australia’s critical minerals sector by providing up to $475 million in additional finance to develop the Eneabba Rare Earths Refinery project in Western Australia.
This project is Australia’s first integrated rare earths refinery and will support 900 jobs at its peak during construction, and an additional 250 secure, well-paid jobs once operational.
This investment will boost global rare earths supply chain resilience, while unlocking Australian deposits of key critical minerals which are essential in a range of defence and renewable energy technologies like electric vehicles, wind turbines and mobile phones.
Australian company Iluka Resources is delivering the project which ensures more value is captured onshore, and more Australians benefit from our unique minerals endowment.
“Critical minerals are the building blocks for a clean energy future and we are determined to seize this economic opportunity to support local businesses and local jobs,” says Prime Minister Anthony Albanese.
The Government’s support ensures Iluka will deliver additional outcomes to maximise project benefits in Australia’s national interest including additional commitments from Iluka to diversify supply chains and deliver broader community benefits aligned with the new Future Made in Australia Act.
The support will be provided by Export Finance Australia (EFA) through the Government’s $4 billion Critical Minerals Facility (CMF).
“Our 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,” says Don Farrell, Minister for Trade and Tourism.
Australia’s rare earths refining sector will also benefit from the Critical Minerals Production Tax Incentive which will provide a tax offset for eligible critical minerals processing costs.
The government’s commitment to a Future Made in Australia is all about seizing the vast economic and industrial opportunities from the global net zero transformation and strengthening our economic resilience.