ASX-listed Arafura Rare Earths has awarded another contract for its proposed A$1.5 billion (US$1b) Nolans rare earth project in Australia’s Northern Territory, engaging Worley Chemetics to supply a CORE-SO2TM sulphuric acid plant and associated oxygen unit.
Worley says its compact CORE-SO2TM plant produces lower sulphur dioxide emissions than alternative designs and generates high-pressure steam to enable CO2-free electrical power generation.
Arafura, aiming to lock in finance and start mining at Nolans in 2025, has selected Monadelphous to build its proposed hydrometallurgical plant, and engaged Hatch as principal design engineer. It has a “cornerstone binding” offtake deal in place with Hyundai and Kia, and wants to sign off on project finance this year.
Arufura raised A$133m of equity funding late last year at 37c a share.
Its share price has surged about 44% in 2023 to 65c, capitalising the company at circa-A$1.37 billion.
