Australia earmarks $550m for Arafura rare earths project
The project will be Australia's third rare earths processing plant after Lynas' Kalgoorlie operations and Iluka Resource's Eneabba heavy rare earths plant.
When the EU closes its EV market to China, it would open up a direct route and likely premium pricing for lithium, nickel, cobalt miners now supplying China.
Shares surged by 15% after the company announced that it is reviewing a number of strategic approaches, marking the latest sign of rampant dealmaking in the sector.
In April, Prime Minister Trudeau said the economic impact of one of the projects would be equal to the value of government investment in less than five years.