Canberra, April 17 (IANS) The Australian government will provide loans worth more than half a billion Australian dollars to critical minerals projects in a bid to boost the local manufacturing industry.
Prime Minister Anthony Albanese, Trade Minister Don Farrell and Resources Minister Madeleine King on Wednesday announced 585 million Australian dollars ($375.6 million) in loans for two critical minerals projects in the states of Queensland and South Australia (SA), Xinhua news agency reported.
The largest loan worth 400 million Australian dollars ($256.8 million) will go towards Australian company Alpha HPA to help it establish Australia’s first high-purity alumina processing facility in Queensland, with the remaining 185 million Australian dollars ($118.8 million) assigned to Renascor Resources to fast-track its plans for a graphite facility in South Australia.
Both projects will produce critical minerals that are used in lithium-ion batteries required for electric vehicles and renewable energy technologies.
The announcement came after Albanese earlier in April revealed plans for an interventionist green policy, the Future Made in Australia Act, to boost Australia’s clean energy and advanced manufacturing using direct government support.
“We are building a future made in Australia with secure jobs in our regions,” he said in a statement on Wednesday.
“The global race for new jobs and new opportunities is on. Our government wants Australia to be in it to win it.”
The Alpha HPA facility is expected to create 490 jobs during its construction and 200 permanent roles once completed, and stage one of the graphite plant, 150 construction jobs and 125 ongoing roles.
The loans will be provided by the government agency Export Finance Australia from the Critical Minerals Facility and Northern Australia Infrastructure Facility.
–IANS
int/khz
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
