Dr. Luisa Moreno addresses the need to delegate further resources and efforts towards increasing mining capacity as well as processing capacity domestically.

The manufacturing facility would have the capacity to produce approximately 1,000 tonnes of NdFeB magnets per year.

The company received the letter of interest from the United States, Export-Import Bank.

The project will be Australia's third rare earths processing plant after Lynas' Kalgoorlie operations and Iluka Resource's Eneabba heavy rare earths plant.

CAP is investing up to $80 million to support the development of the company's Penco module in Chile.