Critical minerals stocks gain on budget boost
Make us a preferred source
Make us a preferred source on Google
The news: Critical minerals stocks gained on the ASX in morning trade after the federal budget revealed a slate of initiatives to boost the sector.
The numbers: Materials was the best performing sector on the stockmarket by 11:00am AEST, rising 1.48%.
Critical minerals explorers Arcadium Lithium (3.9%), BHP (2.4%), Pilbara Minerals (1.5%), Lynas Rare Earths (1.2%), Liontown Resources (1.1%), and Iluka Resources (1.1%) all saw gains.
The context: On Tuesday, the federal budget confirmed a 10% production tax credit totalling $7 billion over 10 years for critical minerals to drive processing and refining in Australia.
As part of its Future Made in Australia policy, the government also committed up to $1.2 billion in strategic critical minerals projects through the Critical Minerals Facility and the Northern Australia Infrastructure Facility, and in pre-feasibility studies for common user precincts.
The source: Budget Overview
