Trade and Tourism Minister Don Farrell and Resources Minister Madeleine King have welcomed the news that Export Finance Australia (EFA) will join in financing Liontown’s Kathleen Valley Lithium project.
The Australian Government noted that the investment will see 500,000 tonnes of exportable lithium for markets like Korea and the United States.
EFA is providing $220 million to the Kathleen Valley Lithium project through an export credit agency (ECA) Facility, in conjunction with a syndicate of commercial banks and funders.
The ECA Facility permits the future participation of the US Export-Import Bank (EXIM) and Korea Trade Insurance Corporation (K-Sure) in the project, subject to eligibility criteria and credit and risk requirements.
Minister Farrell welcomed the project, noting it demonstrated EFA’s financing of the sector, collaborating with Australia’s international partners.
“This project will help to diversify global critical mineral supply chains, including through supplying to Korea and the United States,” Minister Farrell said.
“It is another example of how more trade and investment means more jobs for Australian workers,” he added.
According to the Federal Government, the Kathleen Valley Lithium project is expected to generate approximately 800 jobs amid construction and around 600 jobs ongoing.
Minister King emphasised the significant investment for Western Australia and the Federal Government’s support for the growing critical minerals industry.
“Australian critical minerals projects are vital to ensuring the world has a stable, reliable source of materials to power the energy transition,” Minister King said.
“Global demand for critical minerals needed for electric vehicles and battery technologies is increasing as the world moves to decarbonise, and Australia is key to meeting this demand,” the Minister stated.
