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.
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