logo-loader
Arafura Resources Ltd

Arafura Resources closes $3 million SPP oversubscribed

A definitive feasibility study (DFS) is being progressed for the Nolan NdPr Project.

three hands dropping coins into three jars
The share purchase plan closed last Friday

Arafura Resources Ltd (ASX:ARU) has closed its share purchase plan (SPP) oversubscribed after receiving over $3 million worth of applications from shareholders.

The company plans to accept the oversubscriptions, which will be used to advance the Nolans Neodymium Praseodymium (NdPr) Project in the Northern Territory.

Arafura’s managing director Gavin Lockyer said: “We are very pleased with the outcome of the SPP and the level of support we received from our shareholders.

“The company is now well funded to advance the DFS for its 100% owned and 100% Australian domiciled Nolans NdPr Project.”

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.

READ: Arafura Resources completes phase 5 of flow sheet pilot program

In late November 2018, Arafura completed phase 5 in its flow sheet piloting program.

This involved operation of the first of the company’s rare earth processing pilot plants, which ran continuously over a five-day period at facilities in Perth.

This phase of piloting takes NdPr-rich rare earth sulphate material through purification and precipitation processes to produce rare earth hydroxide.

Quick facts: Arafura Resources Ltd

Price: $0.09

Market: ASX
Market Cap: $91.78 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Arafura Resources Ltd named herein, including the promotion by the Company of Arafura Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Arafura Resources seizes opportunities amid US-China standoff on rare earth...

Arafura Resources Limited (ASX:ARU) managing director Gavin Lockyer tells Proactive Investors about US-China trade tensions which have put Australia's rare earths companies in the spotlight.     Lockyer said Arufura is not just sitting back and waiting to see what happens,...

on 4/6/19

2 min read