Member news: Arafura Rare Earths Limited secures funding for Nolans Project

Arafura Rare Earths Limited has secured up to US$150 million in debt financing from the Export-Import Bank of Korea (KEXIM) for its Nolans project in the Northern Territory, supporting offtake deals with Hyundai and Kia. The funding, consisting of two tranches, will be used for the NdPr project, which aims to supply 1500 tonnes per annum of neodymium-praseodymium oxide. Arafura's NdPr project includes downstream processing, making it a significant ore-to-oxide project in the Western world. KEXIM's support is linked to the strategic importance of NdPr supply for Korea's automotive manufacturing sector's electrification.
KEXIM was established to facilitate the development of Korea’s economy and enhance economic cooperation with foreign countries through the provision of financial support for export and import transactions, overseas investment projects, and the development of overseas natural resources.

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