Prime Minister Anthony Albanese has announced a $2 billion dollar expansion in critical minerals financing during his visit to the United States. The funds will double the capacity of the Critical Minerals Facility to finance Australian critical minerals mining and processing projects.
Prime Minister Anthony Albanese has announced a boost in government credit for projects to mine and process critical minerals - including key components used in electric car batteries - while on a visit to the United States.
Critical minerals include so-called "rare-earth elements" - used in products like wind turbines and satellites - as well as cobalt and lithium, common in batteries that are in electric vehicles and gallium, used in the production of smart phones. "This provides financing to strategic critical minerals projects to support the energy transition. And today I've announced a doubling of that from $2 billion to $4 billion.
Resources Minister Madeleine King says co-operation with US industry and scientific agencies is important.
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