The Territory Labor Government has welcomed a milestone announcement today by Arafura Resources, who have announced a memorandum of understanding (MOU) with Hyundai Motor Company.
The Nolans Project managed by Arafura Resources will include a mine, process plant and related infrastructure located 135 kilometres north of Alice Springs.
Today’s announcement is another huge step forward for the Nolans Project in securing a Final Investment Decision (FID), supporting our plan for the NT 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 deliver significant economic and employment opportunities for Central Australia and the Northern Territory.
The Territory Labor government is serious about getting on with the job of growing our 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 3500 ongoing jobs.
Quotes from Chief Minister, Natasha Fyles
“Today’s announcement by Arafura Resources is big news for the Territory and Territorians.”
“The Territory Labor Government is working very hard to make the Northern Territory the best place for exploration and mining investment in Australia.”
Quotes from Minister for Mining and Industry, Nicole Manison:
“It is estimated that over 600 jobs will be created during the construction phase of this project and 280 jobs during the operational phase.”
“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.”
Quote from Gavin Lockyer, Managing Director Arafura Resources
“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.”
“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.”
