Alkane Resources receives financing interest from Australia’s EFA for rare earths project

Australian gold producer and rare earths developer Alkane Resources has confirmed it has received financing interest from Australia’s export credit agency (EFA) for its Dubbo project in New South Wales.

Dubbo is an advanced polymetallic project with large in-ground resources of zirconium, hafnium, niobium, yttrium and rare earths, all of which are deemed critical materials for advanced technologies.

Alkane, through wholly-owned subsidiary Australian Strategic Materials (ASM), has been chasing potential strategic investors, offtake parties and debt financiers during the last few months following the project’s approval by state and federal authorities.

“After extensive engagement with the Australian government, particularly recently as part of its critical minerals initiative, it is pleasing to see that stated support is translating into preparedness for government agencies to act,” said the company’s managing director, Nic Earner.

“It is very clear in today’s world that security of supply chains in all manner of materials is a pressing issue, and security of critical minerals is one supply chain that the Australian Government is clearly identifying as a priority for government backing,” added ASM’s managing director, David Woodall.

The construction-ready Dubbo project is believed to be the most advanced rare earths development in the world outside of China, which is home to at least 85% of the world’s capacity to process rare earth ores into material manufacturers for use in advanced technologies.