Australia to propose tax incentives for critical minerals
The proposed law will set up a tax incentive worth 10% of relevant processing and refining costs for 31 critical minerals.
Australia’s Eastern Iron Ltd has agreed to develop lithium projects with China lithium chemicals producer Yahua Group, in Australia and other countries, the companies said on Monday.
The two companies will establish a long-term strategic partnership for the supply of spodumene concentrates, and the potential acquisition and development of spodumene projects in Australia and other countries excluding China or those in Africa, the two parties said in a stock exchange filing.
Yahua is a producer of lithium salts whose customers include Tesla and BYD Auto. It already has stakes or supply agreements with Australia-listed lithium miners Core Lithium and Orocobre Ltd which merged with Galaxy Resources earlier this year.
Yahua agreed to buy Eastern Iron’s Trigg Hill spodumene project in the East Pilbara region of Western Australia in August. Spodumene is a type of hard rock lithium concentrate mostly found in Australia.
(By Melanie Burton; Editing by Sam Holmes)
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