A new rare earths refinery will be built at Iluka Resources Eneabba mine, with construction scheduled to start this year.
The Federal Member for Durack, the Hon. Melissa Price says this is a very significant development to supply the world from the Mid West, with critical rare earth oxide products.
”I welcome the Morrison Government’s support of more regional mineral projects being developed in Durack with today’s approval of a $1.25 billion loan through the Critical Minerals Facility, to develop Australia’s first integrated rare earths refinery in Western Australia,” she said.
“The project further supporters my committed advocacy around the Cabinet table to increase the diversity of the Mid West economy and employment opportunities, while further enhancing the investment emphasis regional Australia received in last week’s budget,” she said.
The refinery will produce separated rare earth oxide products (Praseodymium, Dysprosium, Neodymium and Terbium), which are used in permanent magnets in a wide range of technologies, including electric vehicles, clean energy generation and defence.
The Eneabba Refinery Project strongly aligns with the objectives of the Government’s Critical Minerals Strategy. It will capture more value on-shore from our critical minerals, strengthen Australia’s position as a trusted supplier of critical minerals, and create regional jobs crucial for the new energy economy with first production scheduled in 2025.
This loan will be administered by Export Finance Australia and is the third project under the Government’s Critical Minerals Facility to be announced.
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Media Contact:
Rose Crane 0427 587395, Rosemea.Crane@aph.gov.au