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Arafura Resources enters trading halt ahead of capital raising

The company expects to finish its definitive feasibility study for the Nolans NdPr Project in February 2019.
Arafura Resources enters trading halt ahead of capital raising
Nolans is 135 kilometres north by road from Alice Springs

Arafura Resources Limited (ASX:ARU) has been granted a trading halt by the ASX pending an announcement regarding a share purchase plan (SPP).

The halt will remain in place until the earlier of the start of trading on Monday, December 10, or an announcement is released to the market.

 

Arafura is developing the Nolans Neodymium Praseodymium Project in the Northern Territory.

The company is undertaking a definitive feasibility study (DFS) which is due in early February 2019 and recently announced an optimisation review of the DFS’ cost estimates.

READ: Arafura Resources optimises DFS for Nolans NdPr project in Northern Territory

Nolans has a JORC resource of 56 million tonnes at an average grade of 2.6% total rare earth oxides (TREO) that extends 215 metres below surface.

The resource has the potential to support mining and processing operations for at least 30 years, at a design capacity of 14,000 tonnes of TREO equivalent a year.

Arafura’s focus during the year has been to validate the performance of its process flowsheet through completing seven consecutive pilot operations.

Last week the company announced it had completed phase five of pilot operations.

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