"The Australian government also says that it will also build on relationships with key countries such as the US, Japan, the Republic of Korea, the UK, India and EU members, as well as looking to work with new partners and in new groupings if those opportunities emerge.
The government is keen to help de-risk projects by: helping to bring them to the market earlier; by supporting projects to secure offtake agreements; and, by giving investors the confidence to commit. The $2 billion Critical Minerals Facility (CMF), announced in 2021, is key to the strategy which is already providing loans to the sector. Projects are accessing grants under the Modern Manufacturing Initiative and concessional finance through the Northern Australia Infrastructure Facility.
The CMF is administered by Export Finance Australia, the country’s export credit agency. It will help projects aligned with the Critical Minerals Strategy overcome gaps in private finance to get off the ground. It will support jobs and communities, particularly in regional Australia, and bolster a strategically important sector in the Australian economy.
In February 2022, the Critical Minerals Facility issued its first loans to two Australian companies. Firstly, to EcoGraf which is developing the Australian Battery Anode Material Facility in the Rockingham-Kwinana Strategic Industrial Area in Western Australia. The loan of up to $35 million will help EcoGraf expand the facility and produce spherical graphite products."
EGR Price at posting:
49.0¢ Sentiment: None Disclosure: Held
