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Arafura Resources educates investors on key element that powers electric cars

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.

Quick facts: Arafura Resources Ltd

Price: 0.057 AUD

ASX:ARU
Market: ASX
Market Cap: $66.56 m
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Arafura Resources raises $7 million to advance Nolans Project

Arafura Resources Ltd managing director Gavin Lockyer speaks to Proactive about its share placement which received strong support from domestic and offshore institutional investors, raising $7 million. Lockyer said the funds would be spent on engineering works at the project such as...

3 weeks, 2 days ago

2 min read