CANBERRA, Apr 17 (NNN-AAP) – The Australian government to provide loans of over half a billion Australian dollars, to minerals projects, in a bid to boost local manufacturing industry.
Prime Minister, Anthony Albanese, Trade Minister, Don Farrell and Resources Minister, Madeleine King, today announced 585 million Australian dollars (375.6 million U.S. dollars) in loans, for two critical minerals projects in the states of Queensland and South Australia (SA).
The largest loan, worth 400 million Australian dollars (256.8 million U.S. dollars), will go towards Australian company, Alpha HPA, to help it establish Australia’s first high-purity alumina processing facility in Queensland, with the remaining 185 million Australian dollars (118.8 million U.S. dollars) assigned to Renascor Resources, to fast-track its plans for a graphite facility in SA.
Both projects will produce critical minerals that are used in lithium-ion batteries, required for electric vehicles and renewable energy technologies.
The announcement came, after Albanese, earlier this month, revealed plans for an interventionist green policy, the Future Made in Australia Act, to boost Australia’s clean energy and advanced manufacturing, using direct government support.
“We are building a future made in Australia with secure jobs in our regions,” he said in a statement today.
“The global race for new jobs and new opportunities is on. Our government wants Australia to be in it to win it.”
The Alpha HPA facility is expected to create 490 jobs, during its construction, and 200 permanent roles once completed, and stage one of the graphite plant 150 construction jobs and 125 ongoing roles.
The loans will be provided by government agency, Export Finance Australia, from the Critical Minerals Facility and Northern Australia Infrastructure Facility.– NNN-AAP
