The McGowan Government has welcomed today's announcement of a $140 million NAIF loan for the Yangibana Rare Earths Project in the Gascoyne.
The Yangibana project, which comprises operations at both the Yangibana site and the Ashburton North Strategic Industrial Area (ANSIA) near Onslow, will expand WA's capability in downstream processing of rare earths minerals.
The company facilitating the project, Hastings Technology Metals, is on track to become Australia's second rare earth's producer, following Lynas' Kalgoorlie Rare Earths Processing Facility Project.
Once fully operational, the Onslow Rare Earths Plant will have a production capacity of around 15,000 tonnes per annum of mixed rare earth carbonate, containing 3,400 tonnes of neodymium and praseodymium.
The $650 million project is expected to create 360 construction jobs and 250 jobs once operational. As a significant project within WA, the State has been providing lead agency support, facilitated by the Department of Jobs, Tourism, Science and Innovation.
The Yangibana Rare Earths Project aligns with the vision outlined by the WA Government in its Future Battery and Critical Minerals Industries Strategy, to develop a world-leading sustainable and value-adding battery and critical minerals sector that provides local jobs, supports economic diversification and benefits regional communities.
Construction is expected to begin later this year, subject to government approvals.
As stated by State Development, Jobs and Trade Minister Roger Cook:
"Western Australia is set to play a lead role in meeting global demand for critical minerals, which will obviously help economies.
"Today's announcement is yet another example of how Western Australia is leading the nation in the production and downstream processing of critical minerals.
"Once operational, the Yangibana Rare Earths Project is set to produce highly sought-after rare earths elements neodymium and praseodymium, which are required in the production of magnets used in electric vehicles and wind turbines.
"This project aligns closely with the Future Battery and Critical Minerals Industries Strategy, which not only supports the diversification of our economy, but also creates more jobs for Western Australians, particularly in our regions."
