Australian Government grants $50m for critical minerals projects

The Australian Government has approved a series of grants to aid development of the critical minerals industry. They are part of the government’s efforts to achieve net zero.

The grants amount to 50m Australian dollars. Resources and Northern Australia Minister, Madeleine King, said the funding will unlock the potential of Australia’s critical mineral sector.

Recipients of the grants include EQ Resources, who are reactivating open pit mining and Lava Blue, which is developing modular re-processing technology to recover critical minerals from mine waste.

Other recipients are: Alpha HPA Ltd, Cobalt Blue Holdings, Global Advanced Metals and Mineral Commodities.

What does the funding mean for the future of Australia’s critical minerals industry?

The projects will encourage development across Northern Australia, generate new jobs and promote regional economic growth.

King said: “Australia has the potential to become a major global supplier of critical minerals and rare earths, which will be essential to help Australia and the world transition to low-emissions technology and achieve net zero emissions by 2050.

“The grants will accelerate early and mid-stage projects, driving new investment in our processing and manufacturing capabilities as we develop our critical minerals sector.

“Australia has vast reserves of critical minerals which are crucial to batteries and electric vehicles, as well as the medical equipment production, defence, aerospace, automotive and agritech industries.

“These junior projects, should they be successful in scaling up to full production, will help diversify global critical minerals supply chains.”

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