ARAFF - GE Vernova Helps Secure $300M For Arafura's Rare Earth Project Targets Stronger Supply Chain | Benzinga
Export Development Canada (EDC) has conditionally approved $300 million in debt financing for Arafura Resources' (OTCPK: ARAFF) Nolans rare earths project. This funding, facilitated by GE Vernova (NYSE:GEV), is a step forward in securing the necessary funding for the project, which is essential for the global supply chain of rare earth materials used in offshore wind turbines, electric vehicles, and other advanced technologies.
“Debt financing from EDC signifies the increasing geostrategic importance of the Nolans project and securing global diversity in the NdPr [neodymium and praseodymium] supply chain,” said Arafura managing director Darryl Cuzzubbo.
This financing builds on previous support, including $100 million from the Australian government's Northern Australia Infrastructure Facility and $125 million from Export Finance Australia. The Export-Import ...