Name of the Project
Nolans neodymium/praseodymium rare earths project.

Location
Northern Territory, Australia.

Project Owner/s
Australian mining company Arafura Resources.

Project Description
The Nolans project will encompass a mine, a process plant – comprising beneficiation, extraction and separation plants – and related infrastructure.

An updated feasibility study has optimised the production schedule and financial outcomes of the project. The pit optimisations, mine designs, ore reserves and mining inventory are unchanged from the updated mining study in March 2020.

The project has ore reserves of 29.5-million tonnes grading 2.9% total rare-earth oxides, 13% phosphorous pentoxide and neodymium/praseodymium (NdPr) enrichment of 26.4%.

The updated feasibility study has reported a minor increase in the concentrate processing capacity of the process plant – from 330 000 t/y to 340 000 t/y. The definitive feasibility study was based on 300 000 t/y.

The beneficiation capacity has increased from one-million tonnes a year to 1.5-million tonnes later in the life-of-mine to accommodate lower run-of-mine head grades.

Minor changes to the hydrometallurgical recovery of rare earths and phosphorous pentoxide, resulting from the changes to the processing plant design, have also been reported.

The project is expected to produce 4 440 t/y of NdPr oxide over its 38-year mine life. The production of middle and heavy rare-earth oxides is estimated at 474 t/y and phosphoric acid at 144 393 t/y.

Potential Job Creation
The project will create 650 jobs at the peak of construction and new high-value export opportunities.   

Net Present Value/Internal Rate of Return
In the base case, the project has a net present value, at an 8% discount rate, of A$2.4-billion and an internal rate of return of 19.3%.

Capital Expenditure
Preproduction capital is estimated at A$1.39-billion plus A$196-million in contingency.

Planned Start/End Date
Commercial production and ramp-up is expected to start by December 2028.

Latest Developments
Arafura has confirmed that its export-credit partner Export Development Canada has extended credit approval for its existing $300-million senior debt facility, a critical piece in the funding stack for the mine and processing project.

The terms of the facility remain consistent with the original agreement announced in May 2024, the company said in a statement on December 1.

Loan documentation will be completed in conjunction with the other lenders as part of final preparations for a final investment decision.
Arafura has noted that all other lender credit approvals remain current and valid. The Perth-based company has also noted that one of its commercial lenders, ING, has provided a letter of support ahead of Arafura's seeking further credit approval, as previously disclosed in its funding update in October 2025.

Funding has been progressing in phases. In March 2024, Arafura secured a conditional $533-million finance package from its home government under its Critical Minerals Facility. That, together with export-credit agency participation and commercial lenders, was aimed at assembling about $775-million in senior debt required to fully finance the project. 

Support has also come from infrastructure financing through the Northern Australia Infrastructure Facility, which in January 2024 approved up to A$200-million for infrastructure development at Nolans. 

Key Contracts, Suppliers and Consultants
KBR, Wave International and Arafura’s geological, metallurgical and project personnel (updated definitive feasibility study); Mining Plus (mine planning, design and scheduling, along with mining cost estimation); Simulus (process simulation); and Infinity Corporate Finance (financial modelling).

Contact Details for Project Information
Arafura Resources, tel +61 8 6210 7666 or email arafura@arultd.com.