NRFC loan is further support for Australia's first ore-to-oxide rare earths processing operation
Australia's National Reconstruction Fund Corporation has signed a binding terms sheet with ASX-listed Arafura Rare Earths offering a further A$200 million in Commonwealth funding to support the Nolans project in the Northern Territory.The NRFC investment will be provided as unsecured convertible notes with a total tenor of 17 years, convertible at a 40% premium to a reference price to be determined by the raising required to fully fund and develop the Nolans project.
The equity hunt is taking considerably longer than expected given potential investors' extensive due diligence and internal approval processes.FID is now targeted for mid-2025. Frustrating delaysArafura's managing director, Darryl Cuzzubbo, admitted it was frustrating last year, but he said prioritising certainty over speed would ensure the best outcome for Arafura.He said the NRFC helped further derisk the equity funding required.
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