Mining Company Applies for Support from Germany’s Raw Materials Fund.
Arafura Rare Earths is developing Australia’s first integrated rare earths mining and processing facility in the country’s north. Financial backing for the project may soon come from Germany, as the company applied for support from the Raw Materials Fund which was launched there in October.
As Arafura announced today (PDF), the Nolans Project has entered the evaluation phase for a potential investment through the fund. The project is now being assessed by independent experts to determine its economic viability. Final approval for funding—which can range between €50 million and €150 million per project—will come from the German government. However, according to a Spiegel Online report from mid-June, a consulting firm to carry out the assessment is still missing.
Recently, Arafura has secured significant financial support, including funding from the Australian government (as previously reported). Companies such as Hyundai, Kia, and General Electric have already expressed interest in Arafura’s rare earth products. Additionally, the company has a supply agreement in place with wind turbine manufacturer Siemens Gamesa.
Photo: agnormark via Canva
