Public companies receiving public funding in addition to JobKeeper

May 23, 2022

This list tracks ASX listed companies which have received public funding from the Coalition Government in addition to JobKeeper since Scott Morrison became Treasurer in 2015, along with assessing how it was announced to the ASX. If we've missed any, please email

Ampol (ALD): on April 13, the Federal Government announced a $125 million grant to upgrade its Lytton refinery in Brisbane but this didn't even warrant an ASX announcement from the company which is capitalised at $7.9 billion.

Analytica (ALT): reproduced a Coalition press release in this May 16 ASX announcement detailing a $4.8m grant for its manufacturing operation in Maryborough to assist women with pelvic floor exercises. Market cap only $4.6m.

Arafura Resources (ARU): the Perth-based miner will receive about $30 million in grants to build its $91 million Nolans Project rare earth separation plant in the Northern Territory. It is touted as an Australia first project with the potential to supply neodymium-praseodymium (NdPr), a required material for EV magnets. Market cap $496m. See March 16 ASX announcement.

Australian Vanadium Limited (AVL): secured a $49 million grant from the critical minerals funds to help it progress its Australian Vanadium Project. See March 16 ASX announcement. Market cap $184m.

Boral (BLD): the funds were still flowing even 5 days before the election as listed partner Calix announced it was receiving $30m from the Carbon Capture and Storage fund for a joint venture with Boral related to lime and cement treatment in the NSW Southern Highlands. See ASX announcement. Boral market cap $3.6 billion.

BP (UK):
the London-based super-major was a major beneficiary of the $464 million Clean Hydrogen Hubs Industrial Hubs program, when it was awarded the maximum individual grant of $70 million for its H2Kwinana Clean Hydrogen Industrial Hub on April 19.

Calix (CXL): the funds were still flowing even 5 days before the election as Calix announced it was receiving $30m from the Carbon Capture and Storage fund for a joint venture with Boral related to lime and cement treatment in the NSW Southern Highlands. See ASX announcement. Calix market cap $1.06 billion.

Cobalt Blue Holdings:
received a $15m grant to advance its Broken Hill Cobalt project. Market cap $261m. See April 28 ASX announcement.

Empire Energy (EEG): has received up to $21m in grants for its fracking program in the Beetaloo Basin in the Northern Territory, despite Federal Court challenges. See February 23 ASX announcement. Market cap $179m.

Global Advanced Metals: privately owned US-based company which received $4.2 million for its tantalum and tin recovery plant in Greenbushes in the southwest of WA. See website for leadership summary.

Hidden Valley Harvest: the Queensland fruit processing outfit pocketed $5.8m from the Feds in April 2018, had ex Cabinet Minister Andrew Robb on the board and then went broke in May 2016. See report in The Australian.

Iluka Resources (ILU):
was quick to repay its full JobKeeper haul and then received a $1.25 billion loan to help fund construction of Australia's first integrated rare earths refinery, located at Eneabba in Western Australia. See government announcement and this 26 page ASX presentation on April 4 outline the case for its final investment decision.

Lark Distillery (LRK): received a $4.5m grant from the Morrison government during the election campaign to expand its Tasmanian whisky operations. No separate announcement but mentioned in this quarterly update. Market cap $223m.

Lava Blue: the Canberra and Brisbane-based company was awarded a $5.2 million grant on April 28 for a Queensland plant which seeks to improve the processing of valuable minerals from vanadium pentoxide processing waste, particularly high purity alumina. The company is privately owned by a group of entrepreneurs.

Mineral Commodities: private company which will get $3.94 million for an integrated graphite ore-to-anodes business in the south of WA.

Orica (ORI). announced a $37 million Kooragang Island Decarbonisation Project with a $13m grant from the NSW Government and Orica's $24m component financed by a 5-year debt facility provided by the Federal Government's Clean Energy Finance Corporation. No ASX announcement but Orica did produce this press release last November. Market cap $6.7 billion.

Opal Australian Paper and Mainstream Aquaculture: together will receive a $30 million federal government grant to progress plans for a $125 million indoor barramundi farm in Victoria's La Trobe Valley. See ABC report when announced on May 13. Opal is owned by listed Japanese giant Nippon Paper and Mainstream Aquaculture is a private Australian company.

Pilbara Minerals (PLS): received a $20 million handout for its Pilgangoora Lithium-Tantalum Project located 120km south of Port Hedland in WA. The aim is to produce lithium salts and fellow listed company Calix is joint venturer on the demonstration plant. See this ASX announcement on May 17, just 4 days before the election. PLS has a market cap of $7.7 billion and clearly doesn't need a government bailout.

Poseidon Nickel (POS): working with Pure Battery Technology to build a $399 million precursor Cathode Active Material hub in the Kalgoorlie, assisted by a $119 million grant from the critical minerals fund. See March 17 ASX announcement. Market cap $190 million.

PPK (PPK): another day, another ASX listed company reveals a Federal Government handout. This time it's up to $6.2m for PPK group's battery technology project, announced on May 16, just 5 days before the Federal election. Market cap $261m.

Pure Battery Technology (PBT): Brisbane-based University of Queensland spin-off that has developed a greener, cheaper process for refining critical battery materials. Has been granted $119 million from the critical minerals funds to build an integrated nickel manganese cobalt battery material refinery hub in Western Australia.

Renascor Resources (RNU): On February 4, 2022 the federal government said it would provide a $185m loan to back the Siviour graphite project on the Eyre Peninsula in South Australia, with the funding coming from the government's $2bn Critical Minerals Facility announced in September 2021. See 29 page ASX announcement on the details. Market cap $430m.

Viva Energy (VEA): the owner of the Shell oil refinery in Geelong received a $125 million grant from the Federal Government on April 13 when the Prime Minister visited the site. See ASX announcement. The chairman is Robert Hill, John Howard's old Environment Minister. Market cap $4.1 billion.