Gina Rinehart-backed rare earth miner soars in value on news of $840m in support
by Luca Ittimani from World news | The Guardian on (#6KB5K)
Package of loans and grants to help can get this industry off the ground', resources minister says
A Gina Rinehart-backed mining company has soared in value by 75%, after the government agreed to provide financial support as it aims to increase Australia's production of rare earth elements.
The $840m package of loans and grants, announced on Thursday, will support mining company Arafura's development of a mine and refinery for rare earths, which are key to producing electric vehicles and wind turbines.
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