Australia raises loan to rare earths developer, announces more grants

Hastings Technology Metals

17/01/2023 05:26

MELBOURNE, Jan 17 (Reuters) - Australia's government
said on Tuesday it will increase its loan to rare earths
developer Hastings Technology Metals  HAS.AX , and pledged to
hand out $35 million to other companies developing critical
minerals assets, as the country pushes to secure its position as
a green superpower.
    Australia is revising its critical minerals strategy, backed
by its endowments of minerals vital to the energy transition
such as rare earths, lithium, nickel, and copper. 
    Treasurer Jim Chalmers said last year the country was
seeking to build up its critical minerals processing sector and
looking to attract investment from allies.
    The government raised its financial support to Hastings by
A$80 million ($56 million) to account for higher costs and the
recent strength of magnet rare earth prices, its resources
minister said, bringing total support to the company to A$220
million. 
    Australia's Northern Australia Infrastructure Facility
(NAIF) approved an A$140 million dollar loan early last year. 
   The loan will be used to fund the construction of a rare
earths mine, processing plants and associated infrastructure,
resources minister Madeleine King said, and will deliver a mixed
rare earths carbonate.  
    The Australian Government has also released guidelines for
A$50 million in grants to help develop the critical minerals
sector, support downstream processing, create jobs across
regional Australia and support global efforts to achieve
net-zero. 
    Grants in a range of A$1 million to A$30 million will be
doled out to support projects that will strengthen Australia's
sovereign capabilities in critical minerals, King said in a
separate statement. Applications will be open from 17 January to
20 February 2023.
($1 = 1.4335 Australian dollars)
 (Reporting by Melanie Burton; Editing by Nivedita
Bhattacharjee)
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