Arafura secures renewed EDC support as Nolans pushes to FID
ASX-listed Arafura Rare Earths has confirmed that its export-credit partner Export Development Canada has extended credit approval for its existing $300-million senior-debt facility, a critical piece in the funding stack for its Nolans rare-earths mine and processing project in the Northern Territory.
The terms of the facility remain consistent with the original agreement announced in May last year, the company said in a statement on Monday.
Loan documentation would be completed in conjunction with the other lenders as part of final preparations for a final investment decision (FID).
Arafura noted that all other lender credit approvals remained current and valid. The Perth-based company also highlighted that one of its commercial lenders, ING, had provided a letter of support ahead of seeking further credit approval, as previously disclosed in its October 2025 funding update.
The Nolans project, located about 135 km north of Alice Springs, aims to deliver Australia’s first fully integrated “ore-to-oxide” rare-earths mine and refinery, processing the high-grade neodymium-praseodymium-enriched ore from the Nolans Bore deposit.
Funding has been progressing in phases. In March 2024, Arafura secured a conditional $533-million finance package from its home government under its Critical Minerals Facility. That, together with export-credit agency participation and commercial lenders, was aimed at assembling the roughly $775 million in senior debt required to fully finance the project.
Support has also come from infrastructure financing via the Northern Australia Infrastructure Facility (NAIF), which in January 2024 approved up to A$200-million for infrastructure development at Nolans.
