Australia and US investing in additional critical minerals projects

The Australian Government says critical minerals projects supported under the framework agreement signed with the United States last year will be worth more than $5 billion tied to advanced manufacturing and supply chains.

Minister for Resources and Northern Australia Madeleine King and US Secretary of the Interior Doug Burgum have agreed on priority critical minerals and rare earths projects under the bilateral Critical Minerals Framework signed by Prime Minister Anthony Albanese and US President Donald Trump.

“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,” she said. “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.”

Trade and Tourism Minister Don Farrell said Export Finance Australia (EFA) was providing funding support for Australian projects, along with the US Export-Import Bank (EXIM).

“Australia has abundant deposits of critical minerals and rare earths, well-established resources and energy supply chains, and the expertise to extract and process those minerals,” he said.

EFA and EXIM are working with Tronox Holdings on their Rare Earths Refinery Project, issuing coordinated Letters of Support/Interest of up to around $424 million each, for a combined total of around $849 million. The project, with operations in Western Australia and the US, will use Tronox’s existing mining and processing capabilities to produce mixed rare earth carbonate containing both light and heavy rare earth elements.

EFA and EXIM have also issued Letters of Support/Interest of up to $500 million each for Ardea Resources’ Kalgoorlie Nickel Project in Western Australia. The project hosts the largest nickel-cobalt resource in Australia, and one of the largest in the developed world.

Other projects supported under the Australia-US Critical Minerals Framework include:

• Alcoa Gallium Recovery Project (WA)
• Arafura’s Nolans Rare Earths Project (NT)
• Astron’s Donald Rare Earths Project (Vic)
• Graphinex’s Esmerelda Graphite Mine (Qld)
• RZ Resources Copi Rare Earths Project (NSW)
• La Trobe Magnesium (Vic)
• Northern Minerals Heavy Rare Earths Project (WA)
• VHM Goshen Rare Earths Project (Vic)
• Global Advanced Metals (WA)
• EQ Resources Mt Carbine Tungsten Project (Qld)
   

Additional projects for minerals including vanadium and scandium have also received indicative support from the Australian and United States governments.

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