Tag: rare earths

The board of Iluka Resources (ASX:ILU) has approved the Eneabba Rare Earths Refinery (Phase 3) development in Western Australia. The decision followed the achievement of two central milestones associated with the project: completion of the feasibility study, demonstrating solid economics and significant potential for growth; and agreement of a risk sharing arrangement with the Australian Government, including through a non-recourse loan under the Australian Government’s $2 billion Critical Minerals Facility, administered by Export Finance Australia (EFA). Phase 3 will deliver a fully integrated refinery for the production of separated rare earth oxides at Eneabba, north of Peth. The refinery will be capable of processing rare earth feedstocks sourced from both Iluka’s portfolio and from a range of potential third party...

Arafura Resources Limited (ASX:ARU) has been awarded grant funding of A$30 million under the Federal Government’s Modern Manufacturing Initiative (MMI) which will contribute to the construction of an $90.8m rare earth separation plant at its Nolans Project in Australia’s Northern Territory. The A$1.3 billion  MMI forms part of the Resources Technology and Critical Minerals Processing Roadmap that aims to develop Australia as a regional resources technology and critical minerals processing hub within 10 years. The MMI continues to build on broad Australian, Territory and export partner government support for Nolans. The grant awarded to Arafura falls under the MMI’s Collaboration Stream, which provides funding to a small number of transformational projects that will create and facilitate collaborative ecosystems. Nolans, 135...

AUSTRALIA and India have declared a new Memorandum of Understanding (MoU) on critical minerals. The announcement was a key outcome of the virtual meeting between Prime Minister Scott Morrison and Indian Prime Minister Narendra Modi to elevate the relationship between the two nations to a Comprehensive Strategic Partnership. It’s a further step forward towards Australia establishing itself as a reliable supplier of the critical minerals needed to grow India’s manufacturing sector and its defence and space capabilities. Resources Minister Keith Pitt said India was a key potential market for Australia’s critical minerals. “My department has worked closely with the Ministry of Mines to develop the MoU, which focuses on avenues to increase trade, investment and R&D in critical minerals between...

Lynas wins approval for Kalgoorlie AUSTRALIAN rare earths company Lynas Corporation’s (ASX: LYC) new processing plant in Kalgoorlie, WA, has been granted Major Project Status by the Australian government. Major Project Status streamlines government approvals processes for mining projects, providing a single-entry point for their assessment by the Australian government, and formally recognises a project’s significance to the Australian economy. The company’s Kalgoorlie processing plant will carry out cracking and leaching of rare earth concentrate from Lynas’s Mt Weld mine in WA’s Goldfield’s region and will support the development of new infrastructure including chemicals production for the rare earths industry. At its peak construction phase the plant is expected to create 500 jobs, and increase Lynas’s Goldfields workforce to more...

LYNAS Corporation (ASX: LYC) is facing a new wave of judicial proceedings in Malaysia over its subsidiary, Lynas Malaysia’s rare earths processing facility. In a statement released to the ASX after the market had closed on Friday, the company said that three long-term opponents of the plant launched the judicial review proceedings in the Malaysian High Court, and would contest the August 2019 decision to renew Lynas’ full operating licence at the processing plant near Kuantan, Pahang, on the country’s east coast. The company said that the grounds set out in the documents “relate to the processes followed by the Government of Malaysia”. The respondents included the Prime Minister of Malaysia, 27 ministers and cabinet members, the Government of Malaysia,...

THE Federal Government has announced new financing measures for the rare earths and critical minerals sector – particularly those strategically important for defence end-use. Projects which boost our ability to extract and process critical minerals in Australia will be eligible for financial support through Export Finance Australia (EFA), including the Defence Export Facility. Projects will also have access dual funding through the EFA and the Northern Australia Infrastructure Facility (NAIF), as well as a dedicated project facilitation office within the Department of Industry. Resources and Northern Australia Minister Matt Canavan said the financing options would secure the future of rare earth and critical mineral projects and would allow Australian companies to maximise access to existing government support to expedite new...

THE Australian Government has released a Critical Minerals Strategy Report, exposing huge holes in the supply chain as tensions between Beijing and Washington heat up. The 17 elements that make up the rare earths are vital to high-tech appliances for both domestic and military use, and the heavy rare earths are the fundamental component in the powerful magnets used in electric vehicle motors. The report highlights Australia’s status as the world’s second largest producer of rare earths, and therefore perfectly positioned to supply the US with the high-tech elements, particularly the heavy rare earths that China has traditionally dominated. Resources and Northern Australia Minister Matt Canavan said that the Critical Minerals Strategy would prepare Australia to become the alternative to...