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looks to production tax credits to incentivise processing build out","australia-looks-to-production-tax-credits-to-incentivise-processing-build-out","article/australia-looks-to-production-tax-credits-to-incentivise-processing-build-out",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":677,"featured":51,"reporter":678,"_editable":682,"component":683,"seo_title":553,"categories":684,"visibility":694,"author_company":49,"featured_image":695,"seo_description":677,"author_full_name":49,"author_job_title":49,"formattedDate":699,"formattedArticleDate":700},"fc046672-adef-401b-8b7d-116b0a13d01a","2025-02-14 00:00",[560],{"slug":561,"name":562},"australia","Australia",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":574,"content":575},"doc",[576,583,588,593,598,605,610,615,620,625,630,635,640,645,657,662,667,672],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Australian critical mineral producers will receive a tax credit worth 10% of their processing and refining costs between fiscal years 2027-2028 and 2039-2040, for up to ten years per project.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"The tax credits are part of the “Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024” that passed through the Australian Senate this month.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"These incentives could be worth up to $17 billion according to estimates by the Association of Mining and Exploration Companies, a trade organisation.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"“This government stimulus is an important step for the Australian critical mineral supply chains and shows that the current Albanese government is serious about supporting domestic industries and incentivising value-addition,” said Bryan Bille, a senior policy analyst at Benchmark.",{"type":599,"attrs":600,"content":602},"heading",{"level":601,"textAlign":49},4,[603],{"text":604,"type":582},"What impact could these incentives have?",{"type":577,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":582},"Given the nature of tax incentives, it is unlikely that this plan will accommodate projects with otherwise poor economics, but it could help encourage the flow of capital into projects with strong underlying cost fundamentals.",{"type":577,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":582},"“This will stimulate billions in new investment in critical minerals processing, which will be far more valuable than the incentives on offer,” said Warren Pearce, the chief executive of AMEC, in a statement.",{"type":577,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":582},"US-based processors are at risk of President Trump withholding Inflation Reduction Act payments. As such, this move by Australia could be a catalyst for the diversion of private investment into the country.",{"type":599,"attrs":621,"content":622},{"level":601,"textAlign":49},[623],{"text":624,"type":582},"What processing capabilities does Australia have?",{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":582},"Lithium is a key critical mineral for Australia, though this strength is in upstream mining. Processing lithium feedstock into chemicals suitable for the battery industry has been a challenge for developers in the country.",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":582},"In January, China’s Tianqi Lithium stopped work on its lithium hydroxide facility operated in Australia with joint venture partner IGO.",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"“The conversion of spodumene concentrate into lithium chemicals is a complex process that involves multiple chemical steps,” said Federico Gay, principal lithium analyst at Benchmark. “Yet, the highest challenge remains on the cost side, as the conversion is an energy-intensive process that also requires considerable amounts of reagents, which make it harder to compete with China.”",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"For other key battery minerals, as with lithium, Australia’s processing capabilities are small compared to China and the rest of the world.",{"type":646,"attrs":647},"blok",{"id":648,"body":649},"abff84c4-093b-419a-9fb1-a529f209aee1",[650],{"id":651,"_uid":652,"type":653,"_editable":654,"component":655,"fixed_height":656,"use_fixed_height":50,"fixed_height_mobile":656,"fixed_height_tablet":656},"21633448","i-0bdaf949-8738-4e91-a1b5-5c7dec33c87d","visualisation","\u003C!--#storyblok#{\"name\": \"ContentFlourish\", \"space\": \"\", \"uid\": \"i-0bdaf949-8738-4e91-a1b5-5c7dec33c87d\", \"id\": \"\"}-->","ContentFlourish","",{"type":599,"attrs":658,"content":659},{"level":601,"textAlign":49},[660],{"text":661,"type":582},"Could the elections impact these incentives?",{"type":577,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":582},"Given the tax incentives are not set to commence until 2027 and will continue through to 2040, such a measure will require long term political support.",{"type":577,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":582},"However, with the next federal election in Australia due to take place on or before the 17th of May 2025, such support is not guaranteed with a potential change in government before the tax credits would begin.",{"type":577,"attrs":673,"content":674},{"textAlign":49},[675],{"text":676,"type":582},"“Prime Minister Albanese’s Labor Party is falling behind in the polls,” Bille said. “The Conservative-Liberal Party has a different vision for the country’s future, focusing less on driving green industrial manufacturing through subsidies and tax breaks.”","Australian critical mineral producers will receive a tax credit worth 10% of their processing and refining costs between fiscal years 2027-2028 and 2039-2040, for up to ten years per project. The tax credits are part of the “Future Made in Australia (Production Tax Credit and Other Measures) Bill 2024” that passed through the Australian Senate […]",[679],{"slug":565,"name":566,"content":680},{"job_title":568,"image":681,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"fc046672-adef-401b-8b7d-116b0a13d01a\", \"id\": \"\"}-->","article",[685,687,690,692],{"slug":686,"name":115},"cobalt",{"slug":688,"name":689},"critical-minerals","Critical Minerals",{"slug":691,"name":8},"lithium",{"slug":693,"name":150},"nickel","private",{"id":49,"alt":656,"name":656,"focus":656,"title":656,"source":656,"filename":696,"copyright":656,"fieldtype":697,"meta_data":698,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/a6a6b2af41/bm-the-tianqi-lithium-hydroxide-plant-at-kwinana.jpg","asset",{"alt":656,"title":656,"source":656,"copyright":656},"Feb 14, 2025","14th February 2025",[],[],1792688567238]