Government invests $840 million in Arafura project

The government has committed up to $840 million to help build a mine and processing plant for Arafura’s ‘Nolans Project’. The Nolans project claims that it could supply a significant proportion of the world’s demand for the key metals NdPr. “NdPr stands for neodymium and praseodymium, these are the rare earth elements that you need to make strong permanent magnets that are used in your phones, that used in wind turbines, robotics, electric vehicles,” Arafura CEO Darryl Cuzzubbo said. He says the commonwealth funding package is really “the cornerstone” of their total funding solution. “It’s also very significant because it shows that Arafura is a key part of the Australian government’s critical minerals strategy. “We will be producing a rare earth oxide … that you cannot make electric vehicles and wind turbines without.”