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 Lynas Corp said on Thursday its project to build a rare earths-processing plant in Kalgoorlie has been awarded “lead agency” status by the Western Australia (WA)government.
A project that wins the status is helped by a particular government department with project advice, management and coordination of approvals within the project’s time-frames.
The Kalgoorlie plant, which is expected to begin operations in early 2023, would create up to 500 jobs during peak construction, said Lynas, the only proven rare earths miner outside China.
(By Sameer Manekar; Editing by Shinjini Ganguli)
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