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.