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

Rare earths Nd and Pr are used in magnets for electric vehicles and wind turbines.

Wind turbines generate electricity in Runcorn, England, on Sept. 21, 2023. Christopher Furlong/Getty Images

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.