Arafura Rare Earths has announced that Export Finance Australia (EFA) has conditionally approved a $US100 million investment in the company. The investment is being provided under the Australian government’s critical minerals facility, administered by EFA, according to the company’s announcement.
Arafura Rare Earths is focused on the development of its Nolans Project in the Northern Territory, which aims to produce rare earth oxides. Rare earth elements are essential components in various high-tech applications, including electric vehicles and renewable energy technologies.
According to chief executive Darryl Cuzzubbo, recent global trade disruptions and supply chain vulnerabilities highlight the importance of the rare earth sector. He stated that Arafura is well-positioned to meet future demand for both light and heavy rare earths with its integrated ore to oxide project.
The investment comes as critical minerals producers gain prominence following Prime Minister Anthony Albanese’s visit to the White House, where a US-Australian critical minerals deal was signed. The agreement involves a $US1 billion investment from each country into critical minerals projects, including a $US100 million stake in Arafura’s Nolans rare earths mine.
