Australia mining firm, Arafura is planning to build a mine and processing facility for highly sought-after elements.
The facility will be located 80 miles north of Alice Springs in one of the hottest and driest parts of the country which could cause some challenges. However, despite this, Arafura believe the investment will be worth it.
The planned mine and processing facility has the potential to satisfy up to 5% of global demand for neodymium and praseodymium (NdPr) and will rival China who currently dominate this industry.
Neodymium and Praseodymium are used in high-power magnets and are two of a group of so-called rare earth metals that are essential on the electronics industry.
NdPr, Europium, Terbium and other rare earth metals that were once barely heard of are now commonplace in the manufacturing of phone touchscreens, wind turbines and other modern technologies.
This new facility places Australia in a good position to join the race to exploit minerals that provide critical parts for electrical vehicles and wind turbines.
Gavin Lockyer, Managing Director of Arafura Resources said, “this could certainly be a game-changer for Australia. We are relatively well-endowed in rare earth elements, and this could really put Australia front and centre in the renewable sector.”
These rare earth elements have broad industrial, medical, domestic, and strategic applications and are used in magnets, motors, metal alloys, electronic and computing equipment, batteries, catalytic converters, petroleum refining, medical imagining, and lasers.
The renewable energy market will benefit greatly from the mining of these rare elements. Currently, 600kg of super-magnets are used for every offshore wind turbine so the demand is high for these elements.
Spencer Ogden have been specialising in partnering with clients within the mining sector since 2014, clients that are leading the charge to ensuring the metals and minerals required to realise the energy transition are made available.
Combining our position as the renewable energy recruiter of choice globally with 20+ specialised mining Consultants in Australia, we are well positioned to support in the sourcing and attraction of the talent required to make the energy transition possible.
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