Sources Minister Madeleine King stated in response that the federal government would have a look at rushing up the introduction of tax incentives price A$8.8 billion ($5.7 billion) for the processing and refining of crucial minerals. The measures have been introduced on this 12 months’s finances and have been scheduled to start out within the 2027-28 monetary 12 months.
“We’re going to look into bringing it ahead,” King stated in an interview with the Australian Broadcasting Corp. on Thursday, whereas acknowledging it could not have helped Albemarle.
The US firm, the world’s largest lithium producer, has been hit by a hunch in costs of the battery metallic, attributable to a provide glut and slower-than-expected gross sales development for electrical autos. The downturn has difficult efforts by the US and its allies to scale back reliance on Chinese language output by constructing their very own provide chains.
King stated that she could be holding conversations with different mining firms in Australia to encourage them to stay to their crucial minerals funding plans.
“I’m going to maintain speaking to them about what they’ll do to work with the manufacturing tax incentive to carry on extra lithium processing right here on this nation,” she instructed the ABC.
(By Ben Westcott)
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