The news came after Mr Albanese made the announcement alongside Resources Minister Madeleine King at a media conference on Wednesday, April 17.
The fund will be provided to Alpha HPA, an Australian company specialised in producing ultra-high purity alumina and related premium aluminium materials, via two separate agencies. The Northern Australian Infrastructure Facility and Export Finance Australia's (EFA) A$4 billion critical minerals facility will offer A$160 million each and A$ 80 million jointly.
Alpha HPA will utilise the fund in establishing a high-purity alumina processing facility in Gladstone, Queensland.
At the conference, Ms King noted that traditional resources of Queensland are coal and LNG that highlight the economy and economic prosperity of the country. It is that prosperity that allows the government to support these emerging industries.
Earlier, in November, Australia’s another high purity aluminium producer Cadoux, formerly FYI Resources, received a A$3 million fund from the Western Australian government for building a small-scale production plant.
High-purity alumina and Renascor, the new spherical graphite, are the two emerging minerals in Australia.
Egypt Aluminum sees a double-digit hike in net profit during the nine-month period of FY2024
