Plans are for GE to purchase the material from Arafura’s Nolans mine in central Australia over the long term.
GE may also invest in the mine in due course, the company said. According to GE, the Nolans mine could supply nearly 5% of the global demand over 38 years with expansion potential.
Rare earths can be used in NdFeB magnets for electric vehicles (EVs), wind turbines, and clean energy technologies.
“A secured rare earths supply for GE de-risks the magnet value chain, provides supply security and supports the growth of the local offshore wind sector,” the company said.
“Long-term Nolans NdPr may be used in magnets critical for power generation from GE’s Haliade-X 12 MW, one of the most powerful offshore wind turbines on the market,” said Arafura MD and CEO, Gavin Lockyer.
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