Germany invests $58 million in Australian rare earth project

BERLIN, April 1 (Reuters) - The German government is investing up to 50 million euros ($57.93 million) in an Australian rare earth project to strengthen the raw material supply for German industry.

The money will flow into Australia-based Arafura Rare Earths' Nolans project in the Northern Territory through Berlin's raw materials fund, the economy ministry said in a statement on Wednesday.

The investment aims to bolster the supply of critical raw materials, such as neodymium and praseodymium, for Germany, and Europe, and reduce existing dependencies.

These rare earths are essential, for example, for high-performance permanent magnets used in electric vehicles and wind turbines.

($1 = 0.8631 euros)