Australia's richest person, Gina Rinehart, sees her company Arafura receive $840 million in loans and grants from the Albanese government, despite the company having a market cap of $355 million. The government is also providing up to $556 million for a rare earths project in Northern Australia, with a miner set to create the nation's first combined mine and refinery for the minerals.
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The federal government today has said it will provide more than $800 million to develop a rare earth mine and refinery in Central Australia run by Arafura Resources. https://t.co/5reZoFbLYG
Gina Rinehart-backed rare earth miner soars in value on news of $840m in support https://t.co/f6jlrYi8iV
Australia is ramping up funding for rare earths projects, with a miner to get $556 million to create the nation’s first combined mine and refinery for the minerals https://t.co/yN3K9DGI3v
🔴 AUSTRALIA PM ALBANESE ANNOUNCES GOVERNMENT TO GIVE UP TO $550 MILLION FOR RARE EARTHS MINE AND REFINERY IN NORTHERN AUSTRALIA
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Gina Rinehart's Arafura has a market cap of $355 million. The Albanese government is giving it $840 million in loans and grants. A great deal for Australia's richest person. https://t.co/1a9Mz3hO5m