Marion Scrymgour (Lingiari, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Resources. How is the Albanese Labor government supporting Australia's critical mineral industry to boost the economy and support more jobs and opportunities for Australians?

Madeleine King (Brand, Australian Labor Party, Minister for Northern Australia) Share this | Link to this | Hansard source

I want to thank the exceptional member for Lingiari for that excellent question. The Albanese Labor government is taking significant action in support of the critical minerals and rare earths industry of Australia. In Darwin last week, with many of my colleagues, I announced over $800 million of support from the Albanese government to Arafura Rare Earths to help deliver Australia's first combined integrated rare earths mine and refinery. The importance of this rare earths projects cannot be overestimated. It will sit 125 kilometres north of Alice Springs. It will bring 300 new jobs and deliver $1.4 billion of benefits right across the great Northern Territory. This is a job-creating economic boost for Alice Springs. Importantly for the communities of Alice Springs and right across the Top End, Arafura have set and are determined to meet their 20 per cent Indigenous employment target. The project is an ambitious step forward for our rare earths and critical minerals industry. It will open up new, secure supply chains and ultimately supply five per cent of global rare earth oxides. People may well ask: what do you use rare earth oxides for? They're very important to power the green energy revolution. They are integral ingredients in superstrong magnets that go into all sorts of green technologies, including electric vehicles. They are important for everyday mobile devices and laptops. They go into defence applications. So these rare earth oxides that will be produced north of Alice Springs will be vitally important.

Mr Speaker, as you know, traditional resources exports of iron ore, coal and LNG are the bedrock of our national prosperity. The new resources industry of rare earths and critical minerals builds upon this exceptional tradition and will create more opportunities right across the country. The Nolans rare earth financing package includes $500 million under the Critical Minerals Facility, up to $115 million on Export Finance Australia's commercial account, and $200 million from the Northern Australia Infrastructure Facility. This financing will draw in another $840 million of finance from international equivalents of our Export Finance Australia, as well as commercial banks from Germany, France, Canada and the Republic of Korea, demonstrating how important international cooperation and collaboration are to develop the rare earths industry in this country.

The road to net zero runs through Australia's resources sector. The road to net zero will run through the Arafura Nolans project just north of Alice Springs and in the great Top End in the Northern Territory.