Gina Rinehart-backed rare earth miner soars in value on news of $840m in support

Thu 14 Mar 2024 20.17 AEDT

Package of loans and grants to help ‘can get this industry off the ground’, resources minister says

A Gina Rinehart-backed mining company has soared in value by 75%, after the government agreed to provide financial support as it aims to increase Australia’s production of rare earth elements.

The $840m package of loans and grants, announced on Thursday, will support mining company Arafura’s development of a mine and refinery for rare earths, which are key to producing electric vehicles and wind turbines.

Arafura shares rose 76% to 26 cents off the back of the government’s announcement, driving a $20m increase in the value of Rinehart’s holding via her company Hancock Prospecting.

The package is the government’s latest effort to boost Australia’s local processing capacity for critical minerals, instead of shipping unrefined raw product overseas for processing.

https://www.theguardian.com/australia-news/2024/mar/14/gina-rinehart-backed-rare-earth-miner-soars-in-value-on-news-of-840m-in-support

When is our announcement regarding Roe Hills REE coming??