Electric vehicles
Korea Eximbank to provide $150 mn PF to Australia
The mine near Alice Springs is expected to supply up to 1,500 tons of rare earth annually to S.Korean companies
By Jul 02, 2024 (Gmt+09:00)
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![Korea Eximbank to provide 0 mn PF to Australia](https://www.kedglobal.com/data/ked/image/2024/07/02/ked202407020016.647x.0.jpg)
The Export-Import Bank of Korea (Eximbank) announced on Tuesday that it will provide $150 million in project financing (PF) for developing a rare earth mine in Australia.
The Australian rare earth mine development project was undertaken by local company Arafura Rare Earths Ltd., near Alice Springs in the Northern Territory of central-northern Australia.
Korea Eximbank stated that through this project financing, it is expected that the neodymium-praseodymium (NdPr) oxide, a type of rare earth essential for electric vehicle (EV) and renewable energy manufacturing processes, will be supplied to domestic companies at a scale of 1,500 tons annually for up to 12 years.
"As Australia is a qualifying country under the US Inflation Reduction Act (IRA), securing these rare earth elements can enhance the competitiveness of domestic EV manufacturers and expand their market opportunities," the Export-Import Bank source said.
Write to Hyun-Woo Kang at hkang@hankyung.com
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