Home » Critical minerals projects to receive $585 million in federal government loans

Critical minerals projects to receive $585 million in federal government loans

Critical minerals projects in Queensland and South Australia will receive hundreds of millions of dollars in federal government loans as part of the Albanese government’s plan for a “future made in Australia”.

Australia’s first high-purity alumina processing facility in Gladstone, central Queensland, has been awarded $400 million in loans through the federal government’s $4 billion Critical Minerals Facility, Northern Australia Infrastructure Facility and Export Finance Australia.

A further $185 million in loans has been conditionally approved to fast track Renascor Resources’ Siviour Graphite Project in South Australia.

Graphite is a key material in batteries, including for smartphones.(Pixabay)

Both projects will process critical minerals used in lithium-ion batteries and other renewable technology.

Prime Minister Anthony Albanese will make the announcement in Gladstone today.

“We are building a future made in Australia with secure jobs in our regions,” Mr Albanese said.

“Today we are demonstrating what that means here in Gladstone and in South Australia.”

‘Key to building renewable technologies’

The prime minister last week announced plans for a taxpayer-funded incentive scheme for clean energy projects and advanced manufacturing, vowing to introduce a “Future Made in Australia Act” to bring new and existing measures under a single umbrella.