Australian Rare Earths Company Receives up to $840 Million in Taxpayer Funds

Australian rare earths miner Arafura Rare Earths will received up to $840 million (US$556 million) from the Albanese Labor government to help develop a rare earths project in the Northern Territory. The federal government will deliver the funding to create “Australia’s first” combined rare earth mine and refinery. Arafura, backed by Gina Rinehart, is developing the Nolans Rare Earths Project, 125 kilometres north of Alice Springs. The project will produce rare earths known as Neodymium and Praseodymium (NdPr), used in magnets for electric vehicles, wind turbines and electronics. The government said its contribution will unlock more investment from international financiers and commercial banks....