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Australian Government lithium support


Anthony Albanese will underwrite almost $1.1bn in loans and grants to build a rare earths mine and refinery in the Northern Territory and support a major West Australian lithium mine, both backed by Australia’s richest person Gina Rinehart.@AlboMP will announce an $840m package on Thursday to deliver the nation’s first combined rare earths mine and refinery operated by Australian mineral exploration company Arafura, which has spent decades trying to get the project off the ground.The Gov’t has also intervened to ensure Liontown’s lithium mine delivers its first production this year via a $550m loan agreement, including $230m underwritten by the taxpayer-funded Clean Energy Finance Corporation and Export Finance Australia.
After cabinet signed off on the Arafura rare earths package in Darwin on Wednesday, Albanese said the project would create about 200 jobs during construction and more than 125 ongoing full-time jobs.The Govt’s intervention comes amid growing pressures on the market to fund Australian projects as China fuels major disruption of global nickel, lithium, rare earths and iron ore supply chains, including backing a massive jump in production of low-grade nickel in Indonesia that sparked a price crash.
After Resources Minister Madeleine King held crisis talks with distressed nickel and lithium miners in January, Albanese pledged the Gov’t would provide direct support to keep them afloat.theaustralian.com.au/nation/politic…