Cash splash for vital rare earths to break China's grip

A rare earths mine and plant has been described as a game changer for the Northern Territory. (Rebecca Le May/AAP PHOTOS)

A rare earths minnow has won more than $1 billion from the federal government to supercharge the industry in Australia as allies race to secure supplies outside China.

An investment of $200 million to fast-track the Arafura Rare Earths mine and refinery project in the Northern Territory was announced by the National Reconstruction Fund Corporation announced on Wednesday.