The Australian Government is aiming to boost downstream processing and strengthen the country’s sovereign capabilities by providing $13 million in grants to critical minerals projects in Queensland and South Australia.
The grants, provided through the International Partnership in Critical Minerals program, will cover up to 50% of project costs and help build diversified supply chains with support from the US, Japan, and Republic of Korea.
Resources Minister Madeleine King says the grants will help create higher paying jobs for Australian workers and add more value to the critical minerals industry.
“We have a rich endowment of the critical minerals required for renewable energy technologies and our strategy will ensure Australia is well positioned to provide these resources as the world transitions to net zero,” she says.
Queensland Pacific Metals (ASX:QPM) announced it received $8 million under the grant to advance the Townsville Energy Chemical Hub Project. The grant will further bolster domestic nickel and cobalt production.
Alpha HPA (ASX:A4N) and Renascor Resources (ASX:RNU) have also previously received Australian Government support under a Critical Minerals Facility administered by Export Finance Australia.
In April, Alpha HPA secured $400 million to deliver Australia’s first high-purity alumina processing facility in Queensland.
Renascor received conditional approval for a $185 million loan to fast-track the development of stage one of the company’s Siviour Graphite Project in South Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Stock
