Renascor Resources and Alpha HPA jump on govt loans
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More news: Renascor Resources shares surged 29.52% to $0.11 by 2:17pm AEDT after the announcement that the government had conditionally approved a $185 million loan for the company to "fast track" the development of Stage One of its Siviour Graphite Project in South Australia.
Alpha HPA shares also rose 8.33% to $1.11 by 2:17pm AEDT after the government announced $400 million in new loans for the company. The loans would fund Alpha HPA's high-purity alumina processing facility in Gladstone.
Alpha HPA receives $400m government loan for Gladstone aluminia plant
The news: More than $500 million in taxpayer-funded loans will be given to two critical minerals projects in Queensland and South Australia.
The numbers: Prime Minister Anthony Albanese will visit Gladstone on Wednesday where he will announce $400 million in new loans to Australian company Alpha HPA's high-purity alumina processing facility in the central Queensland city. The ASX-listed company's project is the first of its kind in Australia.
The company plans to process high purity alumina, a critical mineral used in LED lighting, semiconductors, and lithium-ion batteries and other high-tech applications.
Alpha HPA is currently in a trading halt and last traded at $1.02.
The context: The loans will come out of the government's $4 billion Critical Minerals Facility, as well as the Northern Australia Infrastructure Facility and Export Finance Australia's commercial account.
Albanese will also announce the government has conditionally approved a $185 million loan for Renascor Resources to "fast track" the development of Stage One of its Siviour Graphite Project in South Australia. The original loan was approved in February 2022, and the decision means that Stage One of the project will be brought forward sooner.
What they said: “We are building a future made in Australia with secure jobs in our regions. Today we are demonstrating what that means here in Gladstone and in South Australia," Albanese said.
“The global race for new jobs and new opportunities is on. Our Government wants Australia to be in it to win it.
“These two critical minerals projects will help secure good and secure jobs in manufacturing, and clean, reliable energy.”
The source: Prime Minister's statement
