(Reuters) - Arafura Resources said on Tuesday it will supply neodymium-praseodymium (NdPr) to France-based turbine manufacturing division of General Electric (NYSE:GE) Co amid a global push to transition to clean energy.
Under the memorandum of understanding (MoU), GE Renewable Energy will purchase NdPr from the miner's flagship Nolans project in central Australia to manufacture offshore wind turbines.
The deal was unveiled during the Sydney Energy Forum earlier in the day, where Australia joined the Mineral Security Partnership, along with a host of nations including the United States in a bid to secure global supply chains for critical minerals such as NdPr, which are crucial for the transition to clean energy technology. (https://
Australia hosts vast reserves of critical minerals, such as lithium and cobalt, which are crucial for clean energy technologies such as batteries and electric vehicles, as well as mobile phones and computers.
Demand for NdPr soared in recent years as countries and companies pivot towards cleaner energy to tackle climate change.
The deal also outlines a potential strategic equity investment by GE in Arafura that will be considered and negotiated in due course.