Strandline Resources has received a welcome boost for its Coburn heavy mineral sands project in Western Australia in the form of a Northern Australia Infrastructure Facility (NAIF) loan.
The company has been approved for a loan of up to $150 million to advance the Coburn project, which is one of the world’s largest minerals sands projects.
Australia’s Minister for Resources, Water and Northern Australia Keith Pitt said the Coburn project would provide jobs and investment for the mid-west region and the nation’s entire critical minerals sector.
“The project is expected to benefit the local region to the tune of $922 million over 25 years and could create up to 315 jobs during the construction phase and up to 190 jobs during the operations phase,” Pitt said.
“It’s also going to be a shot in the arm for our critical minerals sector, with products from the development to be used in items like ceramic tiles, refractory, paint, titanium metal and welding rod applications.”
According to Pitt, the Coburn project was awarded a NAIF loan to provide an extra boost to the government’s critical minerals agenda.
As global demand for critical minerals grows, the Australian Government is committed to supporting projects across the critical minerals supply chain.
Minister for Defence Industry and Member for Durack Melissa Price added that the NAIF loan was welcome news for Western Australia that would benefit local communities.
“The Coburn project will provide a significant economic boost to the region and support local employment opportunities throughout the duration of the mine’s projected long life to 2045,” Price said.
“I commend the NAIF for supporting this project and congratulate Strandline Resources for developing this critical minerals mine.”
As well as funding equipment and other resources at the Coburn project, the NAIF funding will also cover the development of an alternative access road for the township of Denham, where many people working at the project reside.
Other commodities that have won NAIF loans include iron ore, bauxite and potash projects.