Australia is contemplating a tax credit incentive for companies involved in building processing facilities for critical minerals like nickel and lithium. The proposal aims to enhance the value of green energy minerals and promote in-country value addition industries, as mentioned by the CEO of the Association of Mining and Exploration Companies (AMEC), Warren Pearce. The potential 10% production tax credit could extend to producers of various critical minerals, including lithium, vanadium, cobalt, graphite, and rare earths, fostering a competitive edge for Australian companies globally. With countries worldwide implementing significant market interventions, Australia is exploring ways to retain more mineral value domestically and stay ahead in the market. The considerations are expected to shape the upcoming 2024 Federal Budget, highlighting the government’s commitment to supporting the mining and processing sector for sustainable growth and competitiveness in the international market.
Australian Government Mulls 10% Tax Credit for Green Energy Mineral Processing
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