Arafura Resources Ltd (ASX:ARU) CEO Gavin Lockyer tells Proactive Investors that the neodymium and praseodymium (NdPr) exploration company is in New York to speak to investors about how NdPr, a rare earth magnet, is a key element in powering automotive electric motors.
Lockyer says the company is currently in advanced feasibility with its Nolans Rare Earths project to mine NdPr in Australia. Earlier this year the company received environmental approval from the local and Australian government. The company will complete advanced engineering studies by end of this year. Project financing and construction will follow next year.