The Republic of Korea, Chair of the Minerals Security Partnership (MSP), welcomes the National Reconstruction Fund Corporation (NRFC)’s investment commitment of 200 million Australian dollars (AUD) (approximately 130 million USD) in Arafura Rare Earths Limited’s Nolans Project in Australia’s Northern Territory.

As Australia’s first integrated ore-to-oxide rare earths processing operation, the Nolans Project is expected to produce approximately 4,440 tons of Nd-Pr (neodymium-praseodymium) annually over a period of 38 years. By diversifying the global supply chain for rare earth elements and stabilizing the supply of critical minerals, the project is anticipated to contribute significantly to advancing high-tech industries, such as electric vehicles and wind turbines.

This investment reflects the continued efforts of MSP partners and private sectors to foster international cooperation in securing stable critical mineral supply chains. The Arafura Nolans Project is a newly added MSP project, which was introduced in the MSP Deep-dive meeting in December, 2024, and is being pursued through strong cooperation among MSP partners such as the Republic of Korea, Australia, Canada, Germany, and France.

The MSP will continue to play a pivotal role in fostering secure and diversified global supply chains for critical minerals, ensuring economic benefits for local communities while contributing to global sustainability objectives.  /END/