New Zealand backs two minerals projects with up to NZ$50 million
WELLINGTON - New Zealand will provide up to NZ$50-million ($31-million) to two West Coast projects that expand processing capacity for critical minerals used in advanced manufacturing and clean-energy technologies, the government said on Monday.
The funding comes as Prime Minister Christopher Luxon's government pushes to double minerals exports to NZ$3-billion by 2035 to help lift economic growth.
Wellington aims to position New Zealand as a reliable provider of critical minerals to partners including the US, which is seeking to diversify its suppliers. The two countries have been working on a critical minerals agreement but nothing has been finalised.
Regional Development and Resources Minister Shane Jones said the funding, from the Regional Infrastructure Fund, would support Taiko Critical Minerals in Barrytown and Westland Mineral Sands near Westport. The projects process ores containing titanium, zirconium and rare-earth-bearing monazite concentrates, he said.
Taiko will be offered up to NZ$20-million toward a NZ$40-million wet separation plant at its Barrytown project, the company said in a statement. It said the support, if finalised, could help underpin project financing and accelerate development.
Westland Mineral Sands will receive NZ$30-million toward a proposed NZ$70-million mineral separation and processing facility, the government said. The company has previously said its Buller South processing project could be operational within 18 months and create 40 to 45 full-time roles.
The government said the two projects would support about 170 permanent jobs and 90 construction jobs.
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