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Critical minerals projects in Queensland and South Australia have been given a boost, with the Federal Government earmarking over $500 million for two major projects.

Alpha HPA will receive a $400 million loan to help deliver its high-purity alumina processing facility in Queensland, while Renascor Resources will receive $185 million to fast-track the development of Stage 1 of its Siviour graphite project in South Australia.

The loans will be provided by Export Finance Australia (EFA) through the Federal Government’s $4 billion Critical Minerals Facility, as well as through the Northern Australia Infrastructure Facility and EFA’s Commercial Account.

The alumina and graphite projects are expected to create upwards of 490 and 150 construction jobs respectively.

“We are building a future made in Australia with secure jobs in our regions,” Prime Minister Anthony Albanese said. “Today we are demonstrating what that means here in Gladstone and in South Australia.

“These two critical minerals projects will help secure good and secure jobs in manufacturing, and clean, reliable energy.”

Renascor’s managing director David Christensen said the company was delighted in the funding.

“In the Siviour graphite deposit, Renascor is fortunate to be endowed with a large world class asset,” he said.

“The support from the Australian Government and EFA is testament to the gravity of the opportunity for Renascor, and Australia, to become a world-leading supplier of graphite into the lithium-ion battery supply chain.”