Australia and the US are allocating more than $3.5bn (A$5bn) to support critical minerals projects in Australia following a significant framework agreement signed last year at the White House.
Minister for Resources and Northern Australia Madeleine King and US Secretary of the Interior Doug Burgum have reached an agreement on key critical minerals and rare earths projects.
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This follows the bilateral Critical Minerals Framework signed by Australian Prime Minister Anthony Albanese and US President Donald Trump.
King said: “Australia is taking a global lead to diversify crucial supply chains for critical minerals and rare earths, which are vital to support economic and national security for Australia and our trading partners.
“Australia and the US are delivering on the commitments made in the White House, with priority projects in Australia that support production of rare earths and critical minerals including nickel, cobalt, gallium, magnesium, vanadium and graphite.
“These materials are crucial to defence systems, advanced manufacturing and clean energy technologies that will help Australia and the world meet net-zero commitments.”
Australia’s Trade and Tourism Minister, Don Farrell, stated that Export Finance Australia (EFA), in conjunction with the US Export-Import Bank (EXIM), is providing financial support for Australian projects.
EFA and EXIM are collaborating with Tronox Holdings on its Rare Earths Refinery Project, providing coordinated letters of support/interest valued at up to approximately A$424m each, totalling around A$849m.
This project will utilise Tronox’s existing mining and processing facilities to produce mixed rare earth carbonate with both light and heavy elements, operating in Western Australia (WA) and the US.
Additionally, letters of support/interest of up to $500m each have been extended by EFA and EXIM to Ardea Resources for the Kalgoorlie Nickel Project in WA.
This project has been chosen as a pilot under the Albanese Government’s Investor Front Door initiative.
Other projects benefitting from the Australia-US Critical Minerals Framework include Alcoa’s Gallium Recovery Project, Arafura’s Nolans Rare Earths Project, Astron’s Donald Rare Earths Project and Graphinex’s Esmerelda Graphite Mine.
Additionally, projects such as RZ Resources Copi Rare Earths, La Trobe Magnesium, Northern Minerals Heavy Rare Earths, VHM Goshen Rare Earths, Global Advanced Metals and EQ Resources Mt Carbine Tungsten are being supported.
The framework also extends indicative support from the Australian and US governments for minerals like vanadium and scandium.
