News from the Pacific dominated the critical minerals sphere this week with Japan accelerating its supply chain diversification after China’s export controls, and Australia moving forward with a strategic minerals reserve, and the Australian mining company Arafura securing cornerstone funding for its Nolans rare earths project.
After China’s Export Controls: Japan Accelerates Supply Chain Diversification
At the beginning of the year, raw material giant China tightened its export controls on dual-use goods bound for Japan. Officially targeted at the military sector, the island nation has since been effectively cut off from access to several critical minerals. In response, Japan is intensifying its efforts to diversify supply chains. Media reports point to a potential agreement with France and participation in India’s state-backed rare earth magnet program.
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Australia Clears Path for Strategic Raw Materials Reserve
The Australian government is expanding the mandate of Export Finance Australia (EFA), the country’s state-owned export credit agency, to strengthen the domestic economy. In future, the government will be able to work directly with suppliers via EFA to secure the supply of fuels and other strategic goods for households and businesses.
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Arafura Locks in Cornerstone Funding for Nolans Rare Earth Project
Australian mining company Arafura Rare Earths has secured binding cornerstone equity commitments totaling approximately $159 million (A$230 million), marking a key step toward fully funding its Nolans rare earths project in Australia’s Northern Territory. The agreements include the finalization of €50 million (~A$84 million) from Germany’s KfW, acting on behalf of the German Raw Materials Fund, and $100 million (~A$146 million) from Export Finance Australia.
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