WHYALLA RARE EARTHS COMPLEX

The Hon. T.J. STEPHENS (14:53): I have a supplementary question.

The Hon. B.V. Finnigan: Do you remember where Whyalla is?

The Hon. T.J. STEPHENS: Thanks, Hon. Mr Finnigan. Yes, I would like to know where Whyalla is, you goose. Can the minister give us a guide as to the time frame that Arafura is looking at with regard to the $1 billion in capital that it needs to raise?

The Hon. P. HOLLOWAY (Minister for Mineral Resources Development, Minister for Urban Development and Planning, Minister for Industrial Relations, Minister Assisting the Premier in Public Sector Management) (14:53): As I said in my answer to the question, I think it was in about 2013 that they were hoping to do it.

Members interjecting:

The Hon. P. HOLLOWAY: Yes, well, that is their stated timetable. I think what the honourable member needs to understand is that rare earths are extremely strategic materials. China has been responsible for about 95 per cent of all production, but they have announced that they are curtailing that. As I said earlier, rare earths have wide applications in a number of new high-technology areas, not the least of which are defence applications. Clearly, there is a lot of strategic interest in these particular commodities. I believe there is no better time than now for the financing of such a project.

These resources have been known for some time, but I believe that the strategic situation surrounding this material has never been as favourable, inasmuch as that would support the development of the project in Australia. So, given that we have Nolans up in the Northern Territory, close, fortunately, to the rail line, we have the opportunity to develop that processing facility in Australia which could produce up to 10 per cent of the world supply. I think about 20,000 tonnes is the production target of rare earths. Given the wide and important use that these materials have in very key areas and given the supply constraints now being imposed by China, one would hope that that is a very favourable situation for raising finance.