Western Australia’s (WA) government has announced it will inject A$34 million across three projects to aid in the state's mission to decarbonise the local economy.
The new projects will be funded by WA’s Investment Attraction Fund’s (IAF) - A $100 million fund which was established in 2022 to encourage new investment in WA into a range of industries to diversify the local economy and to create job opportunities.
Additionally the New Energies Industries Funding Stream will also focus on supporting projects that aim to reduce the state's emissions while simultaneously ensuring new investment opportunities.
"WA is on track to become a global clean energy powerhouse, to keep our economy for the long term and create the jobs of the future in our State,” said state Premier Roger Cook following the announcement.
Last year the programme received $60 million to support new energy projects, with $26 million in funding most recently announced in November for 2 carbon capture and storage projects.
The energy sector also received support for industries such as steel production, diesel refining and key battery supply chain materials.
In the latest round of funding the Cook Labor government has turned its attention to the critical mineral sector.
WA is home to some of the largest and most significant critical mineral deposits in the world, making the state a major supplier of lithium, nickel, cobalt, manganese, mineral sands and rare earths.
$4 million has been granted to International Graphite Ltd (IG) (ASX: IG6) to construct the first purpose-built commercial graphite micronising plant in Australia with funding set to fast-track the development of technology and processes required to produce critical battery materials.
South Korean steelmaker POSCO Co Ltd (KRX: 003670) and Port Hedland Iron Pty Ltd have together been awarded $15 million for a proposed iron project which will focus on decarbonising the steel supply chain for international export to the Asian market.
Another $15 million was awarded to Pilbara Minerals Ltd (ASX: PLS) to support its demonstration-scale plant which incorporates an industrial-scale electric spodumene calciner used to convert critical mineral concentrates into high-value battery precursors.