Australia NRFC investment commitment in rare earths project

The National Reconstruction Fund Corporation (NRFC), established in 2023 by the Australian Government to support seven priority areas of the Australian economy, committed significant funding to Arafura Rare Earths Limited for the development of the Nolans Project:

• Early 2024: The NRFC allocated AUD 840 million worth of loans and grants to Arafura Rare Earths.
• 15 January 2025: The NRFC committed an additional AUD 200 million to Arafura Rare Earths Limited for the development of the Nolans Project.

The Nolans Project is expected to produce around 4% of the world’s neodymium and praseodymium (NdPr) demand by 2032, creating over 600 jobs during construction and 350 jobs during steady-state operations. This project will be Australia’s first ore-to-oxide rare earths processing operation. The project will deliver significant social and economic benefits to the Alice Springs community, including employment opportunities for Indigenous Australians and local small and medium-sized enterprises (SMEs). The NRFC’s investment is part of a broader capital raise to secure additional strategic investors and funding, emphasising the importance of rare earth elements to modern economies and the global supply chain.

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