Mining company hopes to set up rare earth mine in NTadmin
A Northern Territory mining company hopes to have a rare earth mine up and running within five years.
The rare element is a key ingredient for new technology including computer screens, rechargeable batteries and environmentally-friendly hybrid vehicles.
Arafura Resources has already found an 18.6 million tonne deposit about 130 kilometres north of Alice Springs, but managing director Alistair Stephens says they hope to find more in coming months to meet growing demand.
“At the moment the market is dominated by China that produce 95 per cent of the world’s rare earths. There’s a significant push for alternate rare earths outside China,” he said.