The Australian Government has allocated A$13m ($8.8m) in grants to advance critical minerals processing in Queensland and South Australia.
This move is aimed at strengthening the nation’s sovereign capabilities and supporting the EV and battery industries.
Queensland Pacific Metals and Renascor Resources are the beneficiaries of this initiative, which is part of the International Partnerships in Critical Minerals programme.
Queensland Pacific Metals will utilise the A$8m grant to enhance domestic production of nickel and cobalt, key components for EV batteries.
The project is expected to yield battery-grade nickel and cobalt sulphate, with General Motors in the US and companies like LG Energy Solution and POSCO in South Korea as potential customers.
Renascor Resources has been awarded A$5m to support its pilot project focused on producing purified spherical graphite, a crucial material for lithium-ion batteries.
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By GlobalData
This initiative positions Renascor Resources to become Australia’s first vertically integrated graphite manufacturer.
The funding for Renascor Resources also includes support through the Critical Minerals Facility, which is managed by Export Finance Australia.
The grants will cover up to 50% of the project costs, facilitating the establishment of diversified supply chains.
This strategy aligns with Australia’s commitment to bolstering international partnerships, particularly with the US, Japan and the Republic of Korea, in the critical minerals domain.
Federal Resources Minister Madeleine King said: “These grants will help to create high-paying jobs for Australian workers and mean more value is added to our critical minerals industry.
“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.”
