Gina Rinehart-backed Arafura Rare Earths secures $1.6b debt deal, eyes $1.2b capital raise

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Gina Rinehart-backed Arafura Rare Earths secures $1.6b debt deal, eyes $1.2b capital raise

A mining hopeful that counts Australia’s richest person as its major backer wants to raise about three times more than its current market value to build a massive rare earths project.

The Gina Rinehart-backed Arafura on Tuesday said it had locked in a $US775 million ($1.2 billion) debt package for its Nolans mine and refinery in the Northern Territory, defying pricing weakness in the ********-dominated market for rare earth elements.

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