The company is targeting the commencement of FEED activities in the second half of 2021. A final investment decision is expected by the second half of 2022, when the NdPr market is poised to enter a deficit, thanks to underinvestment in the rare earth oxides supply chain, while first production is targeted in late 2024. The Nolans Project is set to be Australia’s first vertically integrated source of separated rare earths oxides and the world’s second-largest scale non-Chinese source of rare earths. Arafura is targeting for its Nolans Project – a shovel-ready world-class NdPr project - to supply 5-10% of the global demand for NdPr oxide.