A memorandum of understanding (MoU) announced by Arufa Resources to mark the beginning of a milestone mining project, has been welcomed by the Northern Territory Government.
Arafura Resources announced the MoU with Hyundai Motor Company.
The Nolans Project, managed by Arafura Resources, will include a mine, process plant and related infrastructure located 135km north of Alice Springs.
The announcement is another huge step forward for the Nolans Project in securing a Final Investment Decision (FID), supporting the government’s plan for the Northern Territory to become a globally-significant producing, processing and manufacturing centre for critical minerals.
The Nolans Rare Earth project is well-advanced with an initial operational life of 38 years and is expected to deliver significant economic and employment opportunities for Central Australia and the Northern Territory.
Territory Minister for Mining and Industry, Nicole Manison, welcomed the MoU.
“It is estimated that over 600 jobs will be created during the construction phase of this project and 280 jobs during the operational phase,” Ms Manison said.
“We are delivering on our promise to make the Territory a world-class hub for resources and critical minerals – creating more jobs, jobs, jobs for Territorians.”
Managing Director Arafura Resources, Gavin Lockyer, said they are looking forward to the partnership.
“We look forward with great optimism about the next steps in the offtake agreement process and the impetus this will provide for the development of our rare earths deposit at Nolans, which is strategically and economically important for the Northern Territory, our local communities and for Australia,” Mr Lockyear said.
“We are delighted with the relationship that we have been developing with Hyundai over a sustained period of time and our growing connection with other organisations in South Korea focused on the electric vehicle market.”
The Territory Government has considerable plans to boost the state’s economy to $40 billion by 2030, with 21 mining projects currently working towards a Final Investment Decision (FID) in the Territory with a combined value of over $7 billion and potential to create over 5000 construction jobs and over 3,500 ongoing jobs.
