Arafura approves 1.6 billion dollar rare earths project
Arafura Rare Earths has approved the development of its Nolans project in the Northern Territory, aiming to produce 4,440 metric tons of NdPr oxide annually by 2029. The 1.6 billion dollar development is backed by international export credit agencies and major automakers to diversify supply chains.
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Arafura Rare Earths approved the $1.6 billion development of its Nolans project in Australia on May 21. The site will become the third-largest rare earths operation in the country by 2030, producing 4,440 metric tons of neodymium-praseodymium oxide annually to reduce Western reliance on supply from China. The project is designed to target markets outside China as Western countries diversify their rare earths sourcing.
