Australia’s Arafura Resources Ltd, a Perth-based specialty metals explorer and emerging producer with projects in rare earths (RE) and phosphate, has confirmed that Chinese company East China Exploration (ECE) will invest A$24m. (US$15.9m.) to acquire a 25% interest in Arafura. According to the company, ECE will acquire 60m. shares at prices up to 40 cents per share by way of two placements.
ECE seems to be particularly interested in Arafura’s Nolans rare earths-phosphate-uranium project in Nothern Territory. As the Australian company explained, the ECE...