The Australian and US governments are on track to boost the pipeline of critical minerals projects, with more than $5 billion in funding already pledged under the landmark framework agreement signed at the White House last year.
Funding commitments in the first six months of the agreement have already exceeded the initial target of $3.5 billion ($US2 billion) outlined for the deal.
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, which was signed by Prime Minister Anthony Albanese and US President Donald Trump last October.
“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, alongside 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,” Minister Farrell said.
EFA and EXIM are working with US-based Tronox Holdings on its 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.
EFA and EXIM have also issued Letters of Support/Interest in recent months 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, and has been selected as a pilot project as part of the Australian Government’s Investor Front Door.
Other projects supported under the Australia–US Critical Minerals Framework include:
• 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.