Arafura Resources Ltd
(ASX:ARU) has found a site for its rare earths processing complex.
The company says it has signed an exclusivity deed with OneSteel Manufacturing, a subsidiary of OneSteel, to buy 800 hectares of land at Whyalla in South Australia.
Arafura says locating the site marks a major milestone in the development of its 100% owned Nolan’s project, creating a clear focus for future project work.
A final decision to proceed with construction of the rare earths complex will be made following completion of a bankable feasibility study and after project finance is secured.
The company says it is on target for first production of rare earth oxides in 2013.
For the six months to December 31, 2009, Arafura Resources booked a loss.
