Australian Strategic Materials Ltd (ASX:ASM) has received a $10 million boost for its Dubbo Project by way of grant funding from the NSW Government.
The funding under Stream 2 of the Critical Minerals and High-Tech Metals Activation Fund (CMAF) was announced by the NSW Deputy Premier and Minister for Regional NSW Paul Toole.
To support establishment work
Subject to executing binding documentation, the company will receive the funding to support early establishment activities for the Dubbo Project.
These activities involve the upgrade of local roads and bridges to ensure high-standard road access for the Dubbo Project’s development and operation.
“Generous support”
In thanking the NSW Government, ASM CEO Rowena Smith said: “ASM is pleased that the New South Wales Government continues to provide generous support to our rare earths and critical minerals Dubbo Project.
"The infrastructure upgrades enabled by this grant will benefit not only the project but also the local community and businesses.”
The total cost of the road and bridge upgrades is estimated to be $20.4 million with ASM to co-contribute $10.4 million to the cost of the works.