Arafura Rare Earths Starts Construction on Northern Territory Project
MT Newswires Live
Oct 08
Arafura Rare Earths (ASX:ARU) started construction on its Nolans project in the Northern Territory, which is expected to supply between 4% and 5% of global rare earths demand, according to a Thursday statement from the Australian government.
The project reached a final investment decision in May after the government agreed to a historic offtake agreement under the AU$1.2 billion critical minerals strategic reserve, the Ministry for Trade and Tourism and the Ministry for Industry and Innovation said in a joint release.
Around 600 jobs will be created during the construction phase, and over 350 people will be employed once the project is operational.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.