$200m boost for NT rare earth development
By Industry Queensland
The National Reconstruction Fund Corporation has made its largest investment commitment to date, with $200 million to back the development of the Nolans rare earth project in the Northern Territory.
Located 135km north of Alice Springs, the Arafura Rare Earths-owned project is expected to create more than 600 jobs during construction and about 350 jobs during steady-state operations.
The project includes the construction of a mine, processing plant and related infrastructure that will produce 4440 tonnes of neodymium and praseodymium (NdPr) oxide per annum over its proposed 38-year lifespan.
These minerals are crucial to the global transition to net zero as they are key inputs for the industrial magnets used in the manufacturing of electric vehicles and wind turbines.
“Rare earth minerals are strategically important resources that are crucial to modern economies and the global transition to net zero,” NRFC chair Martijn Wilder said.
“Arafura’s Nolans project demonstrates the enormous contribution that Australia can make to the global supply of rare earth minerals and the considerable opportunities for Australia to add value to the raw materials that it mines.”
Related: Boost for critical minerals processing plans
The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across seven priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science.
Arafura managing director and chief executive officer Darryl Cuzzubbo said said an investment of this significance by the NRFC highlighted the importance of Arafura and the Nolans Project to Australian rare earths downstream processing capabilities and building resilience in a global supply chain.
“We are proud of this partnership with the NRFC and acknowledge their commitment and professionalism as we continue to move the Nolans project closer to a final investment decision,” he said.
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