Announcement

MEDIA RELEASE28 April 2022$41 MILLION TO SUPPORT CRITICAL MINERALS PROJECTSThe Coalition Government has announced further steps to position Australia as a criticalminerals powerhouse with four projects set to receive a share of over $41 million,delivering new jobs and economic opportunities.Minister for Resources and Water, Keith Pitt, said the four projects, three in Queenslandand one in New South Wales, will receive grants through the $200 million CriticalMinerals Accelerator Initiative.“The accelerator initiative will help strategically significant projects at challenging pointsin their development and fast-track early- and mid-stage projects to market and driveinvestment,” Minister Pitt said.“Australia possesses extraordinary reserves of critical minerals crucial to manyindustries including medical equipment, defence, aerospace, automotive, new batteriesand agritech.“The Critical Minerals Accelerator Initiative is yet another example of how thisGovernment is backing the resources sector to strengthen our national economy andcreate jobs, especially in regional Australia.“This initiative will help uncover new sources of supply, moving up the value chain ofcritical minerals through processing and high technology manufacturing, supportingrobust supply chains, and creating high-paying regional jobs for Australians whileimproving Australia’s export resilience.”The successful projects offered grant funding in this first round are:• Alpha HPA Ltd – $15.5 million for its ‘HPA First’ Product Expansion Project to addnew capabilities to the ultra-pure aluminium chemical plant being developednear Gladstone, Queensland;• Cobalt Blue Holdings – $15 million to accelerate a definitive feasibility atudy forits Broken Hill Cobalt Project, including final engineering designs, drilling forfurther resource definition, services and supply connection studies, workforcestrategy, securing land use approvals and executing a financing strategy• EQ Resources Ltd – $6 million for tungsten production through recovering minewaste and reactivating open-pit mining in Mount Carbine, Queensland; and• Lava Blue – up to $5.24 million for its project to develop modular re-processingtechnology to recover high-purity alumina, magnesium and critical minerals fromvanadium mine waste.All projects include significant private sector co-investment.“The grants will support hundreds of new jobs in regional areas as the critical mineralssector continues to grow as an important new strand of our economy,” Minister Pittsaid.“They will also build on the Coalition Government’s announcement of a $1.25 billionloan through the Critical Minerals Facility to Australian company Iluka Resources, todevelop Australia’s first integrated rare earths refinery at Eneabba in Western Australia.“These announcements align with the objectives of the Government’s CriticalMinerals Strategy. We are ensuring that Australia captures added value from our criticalminerals and strengthens our position as a trusted supplier of critical minerals to ourfriends and allies around the world.”Only the Coalition Government has a plan to continue delivering a strong economy anda stronger future for Australia.Draft guidelines have been published for consultation on the Department of Industry,Science, Energy and Resources Consultation Hub.ENDS