Arafura Rare Earths Receives Letter of Support From ING for Lending Commitment; Shares Down 3%

MT Newswires Live10-01

Arafura Rare Earths (ASX:ARU) said it received a letter of support from Dutch financial firm ING in relation to their lending commitment under the Export Credit Agencies-covered tranches and the contingent instrument facility, according to a Wednesday Australian bourse filing.

The letter provides that ING remains actively engaged in the firm's lender group and plans to renew its credit approval ahead of a final investment decision for the Nolans rare earth elements project in the Northern Territory.

The Export Development Canada (EDC) indicated that they are in the process of seeking an extension of credit approval on its existing $300 million lending commitment, and the firm is working with EDC to procure a further extension of the credit approval.

The company's shares fell nearly 3% in recent trading on Wednesday.

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