Australia's Tamboran to supply gas for Arafura's Nolans project
March 31 (Reuters) - Australia's Tamboran Resources Corporation (TBN.AX), opens new tab will supply gas from its Beetaloo basin assets in the Northern Territory to local rare earths miner Arafura's (ARU.AX), opens new tab Nolans project for up to 10 years, the companies said on Monday.
Tamboran has signed a non-binding letter of intent with a unit of Arafura, under which the former intends to supply 18 to 25 terajoules per day (TJ/d) of natural gas. Arafura would potentially support the development of the Beetaloo basin acreage.
Arafura's earlier gas supply agreement with the Mereenie gas field joint venture, which was signed in February last year, was set to lapse on March 31.
Arafura's Nolans project produces Neodymium-Praseodymium, a blend of two rare earth metals of neodymium and praseodymium which is used to make powerful magnets for modern technologies.
The company has existing rare earths oxide deals with automakers such as Hyundai (011760.KS), opens new tab and Kia (000270.KS), opens new tab, and with renewable energy major Siemens Gamesa RE.
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