In another boost for the economy and local jobs, the NT Government has given approval to Arafura Nolans Project to commence mining operations in the Territory.
Located 135 km north of Alice Springs, the rare earths processing plant will be the first of its kind built in Australia, creating 620 jobs during construction and 280 full time on going jobs.
Arafura's Mining Management Plan (MMP) has now been assessed and approved by the NT Government and meets the requirements of the Mining Management Act 2001.
The approval under the Mining Management Act has taken into account recommendations from the NT Environment Protection Authority (EPA).
Rare earths are critical materials and essential to many important products in modern society.
The mine will produce Neodymium and Praseodymium (NdPr) which is an element in high demand for environmentally friendly, high tech applications such as magnets for electric vehicles and wind turbine generators.
Earlier this month Arafura Rare Earths signed a binding offtake agreement with South Korean based Hyundai Motor Company.
The offtake agreement is for the supply of NdPr from Arafura's Nolans Project to Hyundai over a sever year term, which may be extended for a further five years by mutual agreement.
This is the seventh significant mine approval in the past 2 years, which will create more local jobs and put the Territory on the map when it comes to critical minerals.
There are currently 20 mining projects working towards a Final Investment Decision in the Territory with a combined value of over $8.2 billion and the potential to create over 5000 construction jobs.
To view the Mining Management Plan visit here
Quotes attributable to Chief Minister Natasha Fyles:
"The Nolans Project will create 620 jobs during construction and 280 full time on going jobs once the mine is in production.
"Our resources industry is one of the biggest contributors to the NT economy and it is important that we support the development of new critical minerals projects in an appropriately regulated environment."
Quotes attributable to Minister for Mining and Industry Nicole Manison:
"This is huge news for the Territory economy and a big win for local jobs.
"This is the seventh significant mine approval in the past two years and helps further cement the Territory's reputation as a globally-significant hub for resources and critical minerals.
"With 20 mining projects in the pipeline with a combined value at $7 billion - our aim of a $40 billion economy by 2030 is becoming a deadset reality."
Quotes Attributable to Arafura Managing Director Gavin Lockyer:
"This authorisation represents a tremendous collaborative effort and is a great outcome for both Arafura and the Northern Territory.
"Our team has worked closely with the key regulatory teams in the Northern Territory to ensure the Nolans Project will meet or exceed all of the technical, social and environmental obligations required for this major resource project.
"This project will be the first of its kind to be built anywhere in Australia and it will be constructed to deliver a product that is absolutely critical in the race to tackle climate change across the world.
"Because Nolans has very strong ESG credentials, it will set a benchmark for new Australian resource projects and as a result is attracting a great deal of interest from international investment groups.
"In years to come the development of the Nolans Project will deliver significant and direct benefits to Central Australia and the Northern Territory. It will also mean that the Northern Territory is recognised as one of the only sources of these very important critical minerals outside China."
Northern Territory Government
