Australia’s $5 billion rare earth funding deal is already lighting up projects nationwide
Money talks, and right now it’s talking rare earths.
Australia’s $5 billion rare earth funding deal is set to flow into a slate of projects already announced across multiple states and territories—creating a clear map of where the government’s backing is headed next.
The projects that have already been announced include Astron’s Donald Rare Earths Project, LaTrobe Magnesium’s LaTrobe Magnesium project and the VHM Goschen Rare Earth and Mineral Sands Project—each in Victoria. In NSW, RZ Resources has its Copi Rare Earths Project in the mix. The NT gets Arafura’s Nolans Project.
Queensland isn’t standing by either. Graphinex’s Esmerelda graphite mine is part of the package, along with EQ Resources’ Mt Carbine Tungsten Project.
Then there’s Western Australia—where the list stretches further and gets more urgent. The announced WA projects include an Alcoa gallium recovery project, Northern Minerals’ heavy rare earths project, and a Global Advanced Metals project.
Still, the timing raises questions. At least two more WA-based projects are also in line to secure close to $1 billion each: Tronox Holdings’ rare earths refinery project and Ardea Resources’ Kalgoorlie Nickel Project. Letters of support have been signed by King and Burgum.
That’s not just symbolic support. It opens the door to Export Finance Australia and the US Export-Import Bank providing the same financial support to these additional two projects that they have already given to the first 10 projects.
Trade Minister Don Farrell said the projects were a valuable economic opportunity for Australia at a time when demand for rare earths was increasing. That message is landing across social media too, with people zeroing in on one thing—this isn’t a small pilot. It’s a scale-up.