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Australian Prime Minister announces funding for critical minerals projects

The Australian government announced loans of over half a billion Australian dollars for critical minerals projects to support local manufacturing. Prime Minister Anthony Albanese, along with Trade Minister Don Farrell and Resources Minister Madeleine King, revealed a total of 585 million Australian dollars for projects in Queensland and South Australia. The largest loan of 400 million Australian dollars will assist Alpha HPA in establishing a high-purity alumina processing facility, while 185 million Australian dollars will fast-track Renascor Resources’ graphite facility.

These projects aim to produce critical minerals essential for lithium-ion batteries used in electric vehicles and renewable energy technologies. The government’s interventionist green policy, the Future Made in Australia Act, aims to support clean energy and advanced manufacturing. Albanese emphasized the importance of creating secure jobs through these initiatives, stating, “Our government wants Australia to be in it to win it” in a press release.

The Alpha HPA facility is expected to create 490 jobs during construction and 200 permanent roles once operational. Similarly, the graphite plant’s stage one will provide 150 construction jobs and 125 ongoing roles. The loans, provided by Export Finance Australia from the Critical Minerals Facility and Northern Australia Infrastructure Facility, will support the growth of these projects to boost the local manufacturing industry.

IANS

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