Arafura Rare Earths reaches Final Investment Decision on Nolans, raising AUD 375 million equity

Arafura Rare Earths/Nolans NdPr Project

Arafura Rare Earths announced final investment decision (FID) on the Nolans rare-earth project in May 2026, securing AUD 375 million in equity financing. The integrated mine and refinery project has total capex of approximately US$1.5 billion and targets 4-5% of global rare-earth supply, with first oxide production in late 2029 following a September 2026 construction start.

• AUD 375 million institutional placement; A$430 million in equity commitments from German Raw Materials Fund, Export Finance Australia, and National Reconstruction Fund.
• Nolans targets 4-5% of global rare-earth supply of neodymium and praseodymium oxides for permanent magnets in EVs and wind turbines.
• 30-month construction timeline targets practical completion and first oxide production in late 2029.
• Financing from sovereign-backed institutions reflects strategic focus on non-Chinese rare-earth supply.