Significant international financing and offtake commitments, including from US and Canadian export credit agencies, reflect Western efforts to diversify away from China and secure critical minerals.

Nolans has secured about $911 million in equity-related commitments from sources including the National Reconstruction Fund and government-backed lenders, alongside other support to underpin the project’s financing package.

If successful, Nolans is expected to contribute meaningful economic benefits, with estimates of significant regional employment, a multi-decade mine life, and substantial domestic processing and value-chain retention.

Construction is set to begin in September 2026, creating hundreds of jobs during build and ongoing operational roles, with first production targeted around mid‑2029.

The Strategic Minerals Reserve and Export Finance Australia are highlighted as critical mechanisms that de-risk investment, with Australia’s government reinforcing reliability of supply to allies and promoting domestic processing and value‑adding.

Policy tools like the Strategic Reserve aim to accelerate project finance, reinforce sovereignty, and promote transparent pricing and domestic processing of critical minerals.

Arafura Rare Earths has approved the final investment decision to construct Nolans, making it Australia’s first fully integrated ore‑to‑oxide rare earths operation and positioning the project as a major milestone in diversifying supply away from China.

Financing and offtake for Nolans are backed by a broad coalition, including government-backed funding from the National Reconstruction Fund Corporation and Export Finance Australia, plus support from KfW and other partners, underpinning a roughly $1.6 billion package.

Nolans plans to produce NdPr oxide and aims to supply up to 5% of global demand, helping to establish Australia as a secure supplier for allies and a cornerstone of sovereign capability in clean energy, manufacturing, and defense.

The project framework includes binding offtake agreements with European, Korean, and North American buyers and a broad financing mix comprising equity from Australian–U.S. deals and debt, supported by the Strategic Minerals Reserve program.

Nolans will supply NdPr oxide to major buyers including South Korea’s automakers, Germany’s Siemens Gamesa, and Traxys entities, illustrating downstream processing and international demand.

The project is positioned within a broader push to diversify global rare earths supply and strengthen resilience of supply chains for the United States, Europe, and Asia amid market uncertainty and China dependency.