The Albanese Labor Government is delivering vital support to Australia’s critical minerals sector by providing up to $475 million in additional finance to develop the Eneabba Rare Earths Refinery project in Western Australia.
This project is Australia’s first integrated rare earths refinery and will support 900 jobs at its peak during construction, and an additional 250 secure, well-paid jobs once operational.
This investment will boost global rare earths supply chain resilience, while unlocking Australian deposits of key critical minerals which are essential in a range of defence and renewable energy technologies like electric vehicles, wind turbines and mobile phones.
Australian company Iluka Resources is delivering the project which ensures more value is captured onshore, and more Australians benefit from our unique minerals endowment.
This additional support reinforces Australia’s commitment to supporting secure and sustainable critical minerals supply chains, making us an indispensable part of the global net-zero economy.
The Government’s support ensures Iluka will deliver additional outcomes to maximise project benefits in Australia’s national interest including additional commitments from Iluka to diversify supply chains and deliver broader community benefits aligned with the new Future Made in Australia Act.
The support will be provided by Export Finance Australia (EFA) through the Government’s $4 billion Critical Minerals Facility (CMF).
Australia’s rare earths refining sector will also benefit from the Critical Minerals Production Tax Incentive which will provide a tax offset for eligible critical minerals processing costs.
The Albanese Government’s commitment to a Future Made in Australia is all about seizing the vast economic and industrial opportunities from the global net zero transformation and strengthening our economic resilience.
Prime Minister Anthony Albanese
“Critical minerals are the building blocks for a clean energy future and we are determined to seize this economic opportunity to support local businesses and local jobs.
“A strong resources sector means a healthy economy and good, well paid local jobs.
“We will back WA’s resources sector, through our plan for a Future Made in Australia and our Production Tax Credits.”
Minister for Trade and Tourism, Don Farrell
“Our Government is committed to becoming a renewable energy superpower, not just to tackle the global challenge of climate change but also to harness the opportunity to create significant high paying, secure jobs for Australians.
“Our country is blessed with an abundance of critical minerals and the Albanese Labor Government wants Australians to benefit from this emerging sector.”
Minister for Resources and Minister for Northern Australia Madeleine King
“Supporting our critical minerals and rare earths industry is about Australia taking responsibility to lead on critical minerals globally.
“Not only are critical minerals and rare earths key to the energy transition, they are essential to the defence industry and our national security.
“We stand at an important moment in time where the world wants what we have and we just happen to have the most advanced mining sector in the world.”