Arafura signs MoU for Nolans development
PERTH (miningweekly.com) – Mineral sands developer Arafura Resources has signed a memorandum of understanding (MoU) with China’s Shenghe Resources Holding Company to develop an international rare earths busines.
Under the terms of the MoU, Shenghe would review the definitive feasibility study for the Nolans rare-earth project, in the Northern Territory, and would have the opportunity to cofund the development of the project.
Furthermore, Arafura and Shenghe would examine opportunities for the sale and distribution of rare earths products to Shenghe’s existing clients, while the two firms would also look to build on the strategic partnership by investigating new opportunities.
Arafura told shareholders that the execution of the MoU would provide significant momentum, assisting the company to achieve its goal of making substantial reductions in the capital costs of the proposed Nolans project, and its operationg costs.
The ASX-listed company added that it was “confident” of advancing the Nolans project towards financing and commercialisation, with the assistance of Shenghe.
Earlier this year, Arafura abandoned plans for a rare earths complex in South Australia, as part of its efforts to cut some A$1-billion from the Nolans price tag. The termination of the Whyalla land purchase agreement saved Arafura some A$400-million in capital costs.
A new location for the rare earths complex was still being sought.
Arafura was targeting a production of some 20 000 t/y of rare-earth oxide at the Nolans project, over a life-of-mine of 20 years.
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