The Australian government has increased its financial backing for the construction of the country’s first rare earths refinery as it looks to break China’s stranglehold on the critical minerals supply chain.
Australian miner Iluka Resources has been locked in talks with the government for a year over additional funding for the refinery in Western Australia.
An initial A$1.2bn ($770mn) loan facility was agreed in 2022, but the projected cost of construction increased to A$1.8bn, creating a funding gap that threatened to derail the project.
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