Anthony Albanese and Donald Trump this morning signed a USD$100m equity investment in the Arafura Nolans rare earths project at Aileron, 135 km north of Alice Springs.

“Once operational, this project will produce 5 per cent of global rare earths – essential for energy security and defence,” says a statement from the Prime Minister.

“The historic framework,” also including the Alcoa-Sojitz Gallium Recovery Project in Wagerup, Western Australia “will assist both countries in achieving resilience and security of critical minerals and rare earths supply chains, including mining, separation, and processing, through use of economic policy tools and coordinated investment.

So far just $40m has been spent by the Australian company on early site works including access roads and accommodation for 200 people. It has signed a gas supply agreement.

Arafura has conditional credit approvals for more than US$1 billion underpinned by an A$840m debt commitment from the Federal Government, through the North Australia Infrastructure Facility and Export Finance Australia, according to the company, plus other sources of money.

Arafura Rare Earths Limited is focused on the development of particularly neodymium and praseodymium, elements that are crucial for various technologies, including electric vehicles and wind turbines.

Arafura has secured 66 per cent of its 80 per cent binding offtake target with Hyundai Motor Company and Kia (South Korea), Siemens Gamesa (Germany) and Traxys Europe SA (Luxembourg).

Arafura said before this morning’s agreement that it is seeking to raise a further US$660m in equity funding.

This article appeared on Alice Springs News on 20 October 2025 and is open for comment there.