Arafura Rare Earths (ASX: $ARU) achieves significant milestones in Q2 2024

Arafura Rare Earths Limited (ASX: $ARU) reports achieving significant milestones in the second quarter of 2024, including securing conditional approval for over US$1 billion in debt funding and completion support for the Nolans Project. The debt funding received from Australian and international credit agencies and commercial lenders highlights the geostrategic importance of Arafura's role in developing a diversified global NdPr supply chain. The Company is closer than ever to a final investment decision on the Nolans Project.

Arafura's Managing Director on debt funding strategy

Arafura's Managing Director, Darryl Cuzzubbo, expressed pride in finalizing the debt funding strategy, emphasizing the level of support received from export credit agencies and commercial lenders. He highlighted the global opportunity to secure a diversified NdPr supply chain and the Company's focus on reaching FID by the end of the year. The Project team continues to prepare for construction, engaging stakeholders on progress and achievements.

Outlook for Arafura Rare Earths

Arafura Rare Earths has achieved a significant milestone by securing over US$1 billion in debt funding and completion support for the Nolans Project. The Company is now closer than ever to a final investment decision on the Nolans Project, with a focus on executing the equity strategy. The debt funding received highlights the geostrategic importance of Arafura's role in developing a diversified global NdPr supply chain. Arafura's outlook includes advancing offtake and equity strategies towards FID by the end of 2024, with the Project activities remaining limited to those necessary to support finance, critical path activities, compliance, and progressing improvement ideas that reduce capital, schedule, and risk. The Company also plans to commence construction activities immediately upon reaching FID.