Arafura Resources
Arafura Resources (ASX: ARU) is an emerging rare earths producer. Arafura is currently developing its Nolans rare earths-phosphate-uranium project in Australia’s Northern Territory. The project is underpinned by a 30 million tonne resource that can sustain a 20-year mine life.
Arafura has expanded the scope of a Bankable Feasibility Study for the Nolans Project and extended the expected completion date of the Nolans Project Bankable Feasibility Study by nine to twelve months to simplify the Nolans Project flow sheet to focus predominately on production of rare earth products.
Arafura Resources clarifies Nolans Rare Earth Project expenditure for 2012
Friday, January 13, 2012 by Christine Feary
Arafura Resources (ASX: ARU) has confirmed that it requires an additional $70 million in 2012 to complete the Bankable Feasibility Study (BFS) at the Nolans Rare Earth Project.
The company has issued a clarification with regard to funding in 2012 following an incorrect media report that stated $250 million would be spent during 2012.
In a Global Investor Update issued on Decmber 6, 2011, Arafura stated that upon completion of the Nolans BFS the company will have spent a total of $250 million on the project since work began in 2000.
The additional $70 million required in 2012 will, together with existing funds, be used to complete the BFS.
Results from Arafura’s 2011 drilling campaign and rare earths production demonstration program at Nolans are expected in the coming weeks.
The Nolans BFS is targeted for completion by the end of 2012, with construction due to begin in 2013/14.
Arafura’s Nolans project, located in the Northern Territory, is considered to be one of the world's largest undeveloped rare earths projects.
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