Growing Australia’s critical minerals sector

Media release

The Hon Dan Tehan MP, Minister for Trade, Tourism and Investment

Joint media release with:

The Hon Keith Pitt MP, Minister for Resources and Water

02 February 2022

The Morrison Government is growing Australia's critical minerals industry and creating jobs in regional Australia by approving two loans to Australian companies to produce highly purified graphite in Western Australia and South Australia.

The first loans under the Government's recently established Critical Minerals Facility, worth a total of $239 million, have been provided to EcoGraf Limited and Renascor Resources.

Minister for Trade, Tourism and Investment Dan Tehan said the projects will promote Australia as a trusted supplier of critical minerals to the world.

“The Government's support for these projects through the $2 billion Critical Minerals Facility is a clear demonstration of our faith in the potential of Australia's critical minerals sector,” Minister Tehan said.

“At a time of booming global demand for smartphones, electric vehicles and other technologies this commitment from the Australian Government positions Australia strongly into the future in the critical minerals sector."

Minister for Resources and Water Keith Pitt said the loans will pay long term dividends to the national economy.

“The potential of the critical minerals sector is enormous and these loans will support two significant projects that will expand Australia's footprint and reputation in this rapidly growing industry,” Minister Pitt said.

“It will build on a resources sector that already provides over 365,000 direct jobs for Australians and is forecast to contribute a record $379 billion in exports this financial year.”

The loans under the Critical Minerals Facility will be administered by Export Finance Australia.

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