Arafura Rare Earths Ltd. will receive A$840 million ($556 million) in funding from the Australian government to create the nation’s first combined mine and refinery for minerals that are crucial to the clean-energy and defense industries.
The funding will come from the government’s A$6 billion Critical Minerals Facility, the Northern Australia Infrastructure Facility, and Export Finance Australia, Prime Minister Anthony Albanese said in a statement Thursday. Once built, the project in the Northern Territory could supply almost 4% of the world’s magnet rare earths supply, according to Arafura.
