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Arafura Resources Limited is an Australian exploration and development company focusing on Neodymium and Praseodymium (NdPr) rare earths. Located 135km north of Alice Springs, Arafura’s flagship Nolans Project is the only NdPr focused operation in Australia that plans to mine and process ore to oxide at a single site. Nolans has a minimum 38-year mine life and aims to supply ~5% of global demand for NdPr oxide.
The fastest growing market for NdPr oxide is in NdFeB magnets; a key component used in electric vehicle motors and renewable energy solutions. In the past 6 months, Arafura has signed a Memorandum of Understanding with Hyundai Motor Company and GE Renewable Energy for a stable and secure supply of NdPr to diversify their supply chain and prevent manufacturing disruption.
The company has also recently raised new capital to accelerate the development of the Nolans Project, which will be used for front-end engineering and design work, and tendering activities for construction contracts.