Arafura Rare Earths (ASX:ARU) said its board has made a final investment decision (FID) for the development of the Nolans Rare Earths Project in the Northern Territory, Australia, according to a Thursday Australian bourse filing.

The company said Export Finance Australia has issued a non-binding letter of support regarding potential support under the Critical Minerals Strategic Reserve for up to 500 tonnes per year of neodymium-praseodymium (NdPr) oxide from the project.

Hatch has been engaged as an engineering, procurement, and construction management (EPCM) contractor, with the company now targeting commencement of construction from September, the filing added.