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Australia will provide up to A$840 million for the first combined rare earths mine and refinery in the country’s Northern Territory, owned by Arafura Rare Earths, Prime Minister Anthony Albanese said on Thursday.
“We will deliver critical jobs and economic development in the heart of the Territory and the north,” Albanese said in a statement. Arafura already has supply agreements with Hyundai Motor, Kia Corp and Siemens Gamesa Renewable Energy, and a provisional agreement with General Electric. Prices of rare earths neodymium and praseodymium have slumped as China has ramped up supply to levels well below those needed when it comes to seeking finance for a new project, said analyst Daniel Morgan at Barrenjoey.