Cheap finance and loan guarantees will be available for miners keen to expand exports and tap into Biden’s Inflation Reduction Act schemes.
| Taxpayers will back another $2 billion into cheap loans and guarantees for Australian critical minerals miners and processors to bolster their chances of tapping America’s mammoth green energy subsidy scheme known asPrime Minister Anthony Albanese will double the amount available under the Critical Minerals Facility to $4 billion, helping projects get off the ground that were struggling to attract bank finance, and creating jobs across clean energy, manufacturing and defence supply chains.
The taskforce agreed to immediately begin mapping of Australian and US supply chains to identify gaps and to nurture deeper co-operation between the two countries.The roundtable was expected to cut out companies that have not started producing and focus on those which are, helping the US move faster to a more self-reliant critical minerals processing and manufacturing position.
Australian Robyn Denholm, who chairs Tesla, and Lockheed Martin chief James Taiclet will be among American company participants. The Biden administration’s Indo-Pacific policy czar Kurt Campbell will also attend. Under the facility, companies can apply for loans, financial guarantees or performance and warranty bonds to help establish themselves and develop export markets.
While the IRA has been criticised for distorting investment flows in favour of the US and triggered fears Australian producers will face heavily subsidised competition from US businesses, Mr Albanese said he would tell US policymakers and legislators they cannot cut emissions alone.He said the Climate, Critical Minerals and Clean Energy Transformation Compact he signed with President Joe Biden in May made space for Australian firms to access some of the mechanisms under the IRA.
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