Published: October 30, 2024 |

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Australian Strategic Materials said it has been awarded $3.3 million (AU$5 million) under the Australian government’s International Partnerships in Critical Minerals (IPCM) Program.

IPCM is an $13.2 million (AU$20 million) program launched this year to “support early to mid-stage critical minerals projects that contribute to building end-to-end supply chains with Australia’s international partners in the critical minerals sector.”

Australian Strategic will use the money received to support work to identify potential lower-capital and shorter-implementation pathways to rare earths production at its Dubbo Project in New South Wales.

The amount is in addition to a $4.3 million (AU$6.5 million) grant received by Australian Strategic from the government’s Critical Minerals Development Program last year. It was provided for the advancement of project design elements.

The company said the new funds recognize its strategic importance as a future producer of rare earths and critical minerals such as zirconium, niobium and hafnium, which are key to the defense industry.

Australian Strategic said that it will match the grant to further support activities at Dubbo.

“With this funding, we will be able to undertake important work to identify lower capital and shorter implementation pathways to unlock rare earth production at the Dubbo Project and ensure a focused completion of our final FEED,” said Australian Strategic Managing Director and CEO Rowena Smith.

“Government support to refine rare earths is important for our sovereign capabilities and will help our trading partners meet their economic, national security and emission reduction commitments,” said Madeleine King, minister for resources and minister for Northern Australia.

In March of this year, Australian Strategic also received a non-binding letter of interest from the Export-Import Bank of the U.S. regarding up to US$600 million in debt funding to support the project’s construction.

Located approximately 400 kilometers northwest of Sydney, Dubbo is expected to deliver up to 1,000 local jobs during the construction period and approximately 270 jobs once operational.

Australian Strategic is targeting a final investment decision for Dubbo within the first half of 2026.

Source: Investing News Network

Australian Strategic Materials operates as an integrated producer of critical metals for advanced and clean technologies in Australia. The company holds interest in the Dubbo project that contains light and heavy rare earths, zirconium, niobium, and hafnium located in central-western New South Wales. It also constructs and operates Korean metals plant located in Ochang, South Korea. Australian Strategic Materials Ltd was founded in 2000 and is headquartered in West Perth, Australia.

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