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$100m Loan To Fund Rare Earths Mine In Western Australia: FT

The Australian government agreed on Wednesday to provide a US$100m loan to fund the Yangibana rare earths mine proposed by Hastings Technology Metals in the Gascoyne region


A mine in Western Australia
An aerial shot of the Mt Weld mine in Western Australia operated by Lynas, the country's biggest miner of rare earths. The Pentagon last year awarded a DPA grant worth $30.4 million to Australia-based Lynas Rare Earths to build a processing facility in Texas with privately held Blue Line Corp. Photo: Lynas.

 

The Australian federal government agreed on Wednesday to provide a A$140 million (US$100m) loan to fund the Yangibana rare earths mine proposed by Hastings Technology Metals in the Gascoyne region, about 250km east of the town of Carnarvon in central Western Australia, the FT reported.

The Morrison government identified rare earths as a critical strategic industry and set up funds in 2021 to support companies to challenge China’s dominance in the sector. Rare earths are used in magnets for electric vehicles, wind turbines and smartphones. The loan will act as an anchor for Hastings, which aims to raise A$400m for a project that will combine with a hydrometallurgical plant in the town of Onslow, a few hours further north. They expect to generate exports in the second half of 2024. Read the full story: Financial Times.

 

ALSO on AF:

Australia to compete with China on rare earths

 

China threatens rare earth blacklist as trade war expands

 

 

Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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