Export Finance Australia (EFA) has issued a non-binding conditional letter of interest for a potential further investment in Arafura Rare Earths Limited’s Nolans project in the Northern Territory.
The proposed investment, reportedly valued at $100 million, helps to underscore the project’s role in advancing Australia’s critical minerals sector, though any commitment remains subject to due diligence, eligibility assessments and approvals from both the Federal Government and Arafura shareholders.
Arafura managing director and chief executive officer Darryl Cuzzubbo welcomed EFA’s consideration, noting the potential national and international impact of the Nolans project.
“EFA’s investment consideration highlights the significance of the Nolans project in nurturing the development of Australia’s nascent rare earths sector and unlocking the future potential of Australia’s north,” Cuzzubbo said.
“As highlighted in our June 2025 quarterly, establishing new sectors requires equitable risk sharing between government and industry through direct investment and offtake. We have an opportunity to establish Australia as a global leader in the rare earths sector, enabling a resilient, independent and diversified supply chain.”
The latest EFA investment comes on top of $200 million in funding from the Federal Government’s National Reconstruction Fund Corporation, announced in January.
The Nolans rare earth project is recognised as the world’s most advanced ore-to-oxide rare earths development.
EFA, Australia’s export credit agency, builds secure supply chains with key international partners in line with the Federal Government’s Critical Minerals Strategy 2023–2030 and the recently launched G7 Critical Minerals Action Plan, both of which aim to diversify the global supply chain and foster independent, standards-based markets.
“Last month we announced that the Nolans project was referred to the German Raw Materials Fund for appraisal by Germany’s Interministerial Committee and we will now be advancing due diligence with both of these parties,” Cuzzubbo said.
“We look forward to working with the Australian and German governments as we turn our shared global objectives into tangible impact.”
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