Grants to drive critical minerals production in AU

The Australian Government will provide $13 million in grants to critical minerals projects in Queensland and South Australia to boost downstream processing and strengthen Australia’s sovereign capabilities.

Queensland Pacific Metals will receive $8 million to bolster domestic nickel and cobalt production, while South Australian-based Renascor Resources will receive $5 million for its pilot purified spherical graphite project.

“These grants will help to create high-paying jobs for Australian workers and mean more value is added to our critical minerals industry,” said Federal Resources Minister Madeleine King.

“We have a rich endowment of the critical minerals required for renewable energy technologies, and our Strategy will ensure Australia is well positioned to provide these resources as the world transitions to net zero. The road to net zero runs through Australia’s resources sector,” she added.

The grants, provided through the International Partnerships in Critical Minerals program, will cover up to 50 per cent of project costs and help build diversified supply chains with the support of partners in the United States, Japan, and the Republic of Korea.

In particular, the Queensland Pacific Metals project will produce battery-grade nickel and cobalt sulphate suitable for use in electric vehicles for sale to customers including General Motors in the US and LG Energy Solution and POSCO in South Korea.

The Renascor Resources Purified Spherical Graphite Pilot Processing Plant will produce purified spherical graphite for use in lithium-ion batteries. It will become Australia’s first vertically integrated graphite manufacturer.

Renascor Resources has also been supported through financing from the Critical Minerals Facility, administered by Export Finance Australia.