The Arafura Rare Earth's Final Investment Decision enables commencement of the Nolans Project, with construction anticipated to begin in September 2026.
This globally significant project will produce high purity rare earth oxide products used in permanent magnets, with offtake agreements already in place with US, European and South Korean offtake partners.
Nolans was identified as one of only two priority projects under the US-Australia Critical Minerals Framework, highlighting the strategic importance of this project not just for the Territory, but for global supply chains.
The Finocchiaro CLP Government has welcomed Arafura Rare Earths' Final Investment Decision (FID) on the Nolans Project, describing it as a major milestone for the Territory economy and a strong signal of confidence in its resources sector.
Located 135 kilometres north of Alice Springs, the integrated open-cut mine and rare earths processing plant will be the first project of its kind built in Australia, positioning the Territory at the forefront of the global critical minerals industry.
Rare earths are critical materials essential to modern technologies including electrification, robotics and advanced electronics.
Chief Minister Lia Finocchiaro said the decision was a defining moment for the Territory showing the world we are open for business and ready to lead in critical minerals.
"This is a big moment for the Northern Territory and a strong vote of confidence in our economy and our future," Mrs Finocchiaro said.
"We are focused on what matters - growing the economy, creating jobs and backing the industries that will carry the Territory forward.
"The Nolans Project delivers on all of that. It is a strong investment in our future and a clear signal that confidence in the Territory is growing."
Minister for Mining and Energy Gerard Maley said the FID marked a defining step for the sector.
"This is exactly the kind of investment we are working to attract, projects that create jobs, grow the economy and unlock the Territory's full potential.
"The project will support the diversification of the Territory economy and attract further investment in critical minerals."
The Final Investment Decision enables commencement of the Nolans Project, with construction anticipated to begin in September 2026, and is expected to generate significant employment opportunities for Territorians.
This project represents a long-term anchor investment that will help underpin the Territory's economic future while strengthening Australia's critical minerals supply chain.
