The Albanese government is supercharging its push to break China’s stranglehold on global critical minerals supply with an $840 million package of loans and grants to help Gina Rinehart-backed Arafura Rare Earths develop its Northern Territory mine and refinery.

The support is Labor’s biggest single financial commitment for the critical minerals sector and effectively expands federal taxpayers’ exposure to rare earths mining and processing by more than 50 per cent to well over $2 billion.