Correspondence In Relation To The Nolans Project In The Northern Territory.

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Arafura Rare Earths Limited notified Minister Ed Husic in July 2024 that the Nolans rare earths project in the Northern Territory had secured over US$1 billion in debt financing from nine international export credit agencies and commercial lenders, enabled by Australian Government support through the Northern Australian Infrastructure Facility and Export Finance Agency (announced March 2024). The company is pursuing a final investment decision requiring around US$2 billion in total debt and equity funding. Arafura plans to expand Nolans' processing capacity to become a third-party processing hub, potentially reducing capital expenditure for new rare earths projects by up to 70 percent. The project will supply approximately four percent of global NdPr oxide demand and near battery-grade phosphoric acid. Construction will employ 650 workers at peak and 280 permanent staff, including local and Indigenous employment opportunities.