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2021-07-13 by Proactive Australia
Arafura Resources Ltd (ASX:ARU) is steaming ahead with its Nolans Neodymium and Praseodymium (NdPr) Oxide Project in the Northern Territory with a planned $45 million fundraise to fund front end engineering and design (FEED) activities.
The company is targeting the commencement of FEED activities in the second half of 2021.
A final investment decision is expected by the second half of 2022, when the NdPr market is poised to enter a deficit, thanks to underinvestment in the rare earth oxides supply chain, while first production is targeted in late 2024.
The Nolans Project is set to be Australia s first vertically integrated source of separated rare earths oxides and the world s second-largest scale non-Chinese source of rare earths.
The company is targeting the commencement of FEED activities in the second half of 2021.
A final investment decision is expected by the second half of 2022, when the NdPr market is poised to enter a deficit, thanks to underinvestment in the rare earth oxides supply chain, while first production is targeted in late 2024.
The Nolans Project is set to be Australia’s first vertically integrated source of separated rare earths oxides and the world’s second-largest scale non-Chinese source of rare earths.
Arafura is targeting for its Nolans Project – a shovel-ready world-class NdPr project - to supply 5-10% of the global demand for NdPr oxide.
Arafura Resources completes $21 million first tranche of strongly supported $40 million placement
The substantial fundraise will prime Arafura to conduct crucial design studies at its Nolans Project as it prepares to supply a spike in demand for magnet rare earths. Arafura wants to reach a final investment decision for the Nolan s asset in 2022’s second half.
Arafura Resources Ltd (ASX:ARU) has ticked off the completion of tranche-1 of a $40 million placement after raising A$21,074,054 before costs to institutional and sophisticated investors.
Tranche-2 is subject to shareholder approval.
The company issued 175,617,114 new shares as part of its plan to fund front end engineering and design (FEED) activities at its Nolans Neodymium and Praseodymium (NdPr) Oxide Project in the Northern Territory.