The likes of Andrew Forrest and Gina Rinehart’s companies will receive an indirect boost to mine and process critical minerals or develop green hydrogen.
There was always the risk that a centrepiece of the federal government’s budget to deliver incentives for the processing of critical minerals would trip on the fact that billionaires and some of our largest companies would be beneficiaries.
But it was the tax credits for the downstream processing of critical minerals that was a gimme for the opposition that predictably shouted that it wouldn’t support “billions of dollars in handouts to billionaires”. The government’s aim appears to be pushing the likes of Rinehart and Ellison’s mineral resources to move production further downstream.Andrew Forrest is delighted with the federal budget.
Whether it is enough to rescue BHP’s struggling nickel business is a question that still hangs in the air. BHP is still working out the economics of its nickel mines, smelter and refinery in WA, and has previously warned government subsidies may not be enough to offset the impact of
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