Arafura Resources Ltd has announced the signing of a joint statement of cooperation with Korea Mine Rehabilitation and Mineral Resources Corp. (KOMIR) that will support the development of Arafura’s Nolans Project and assist in the export of product from Nolans to the Republic of Korea.
Arafura and KOMIR will focus on expanding cooperation in several areas including information sharing on the development of the Nolans project for participation by Korean investors; the import of rare earth products into Korea and the use of strategic stockpiling.
Nolans will produce neodymium-praseodymium (NdPr) oxide – a product integral to the production of rare earth magnets used in industries including the production of electric vehicles. Cooperation between Arafura and KOMIR recognises the strategic importance of a secure supply of critical minerals including NdPr to the Korean market.
Arafura Chairman, Mark Southey, said the company welcomed the opportunity to strengthen its relationships in Korea.
“The Arafura Board of Directors and our Management Team welcome this recognition of our relationship with Korea and the opportunities it will facilitate to deliver supply of NdPr from the Nolans Project to the Korean market,” he said.
“This is another milestone that indicates the global significance of Nolans, and international interest in the project’s capacity to provide a reliable, secure supply of what is a critical product.”
Arafura Managing Director, Gavin Lockyer, said the company’s relationship with KOMIR reaffirmed the importance of Nolans to prospective customers and Australia’s key trading partners.
“Nolans has the capacity to meet demand for rare earths in a number of major international markets,” he added.
“The coming 12 months is a particularly significant period as we continue to work toward a Final Investment Decision for Nolans in 2H22, while simultaneously progressing advanced negotiations on senior debt facilities and offtake agreements.”
The signing between Arafura and KOMIR took place in the same week as talks in Canberra between the Australian government and a Korean delegation led by Ministry of Trade, Industry and Energy Vice Minister, Ki-young Park. The delegation’s visit also included the signing of a memorandum of understanding between the Minerals Council of Australia and KO-MIR to strengthen cooperation on the exploration and development of critical minerals in Australia.
Read the article online at: https://www.globalminingreview.com/finance-business/02032022/joint-statement-of-cooperation-between-arafura-and-komir/