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79.95
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2,403.50
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41.42
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Iron Ore
102.8
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Arafura Rare Earths (ASX: $ARU) secures indicative financing support from KEXIM

Arafura Rare Earths secures financing support from KEXIM


Arafura Rare Earths Limited (ASX: $ARU) has received a non-binding Letter of Interest (LOI) from Korea EXIMbank (KEXIM) for up to US$150 million in debt financing for the Nolans Project. The financing will consist of two tranches, with the in-principle support linked to a binding offtake arrangement with Hyundai Motor Corporation and Kia Corporation.

Executive Commentary on KEXIM's Indicative Support


We are very pleased to welcome KEXIM's Letter of Interest to provide debt financing support for the Nolans Project. Arafura's foundation offtake agreement with Hyundai and Kia was the beginning of a meaningful relationship with Korea, and our engagement with KEXIM further strengthens that relationship. KEXIM's indication of support for Nolans directly reflects the significant contribution that NdPr from the Project will play in delivering upon Korea's long-term aspirations to be a global leader in electric vehicles and other sustainability-focused technologies. We are delighted at the prospect of working closely with KEXIM as we continue our efforts to bring this globally significant project into full construction, and subsequently into production.

Summary of Indicative Financing Support from KEXIM


Arafura Rare Earths Limited has secured in-principle support from Korea EXIMbank (KEXIM) for up to US$150 million in debt financing for the Nolans Project. The support is linked to the strategic nature of NdPr supply and its critical role in the electrification of Korea's automotive manufacturing sector. This aligns with Arafura's debt-led funding strategy for Nolans and reflects the company's commitment to be a trusted global leader and supplier of choice for sustainably mined and processed rare earth products. The company aims to deliver positive intergenerational economic, environmental, and social benefits to its stakeholders. The indicative support from KEXIM, along with previous letters of support from other entities, demonstrates the growing confidence in Arafura's projects and its contribution to global sustainability efforts.

Sourcehttps://announcements.asx.com.au/asxpdf/20231204/pdf/05y4grt1fs44f3.pdf

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