New Grants To Boost Critical Minerals Processing

Dept of Industry, Science and Resources

The Albanese 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 Limited 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.

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 support of partners in the United States, Japan and Republic of Korea.

Federal Resources Minister Madeleine King said the grants supported the Government's Critical Minerals Strategy and a Future Made in Australia agenda.

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

"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."

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 through the Critical Minerals Facility, administered by Export Finance Australia.

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