Australia’s richest person, Gina Rinehart, is a relentless campaigner against net zero and renewable technologies, but the people running some of the mining companies she backs have a clear view of the economic and environmental benefits of the green energy transition.
Arafura Rare Earths, in which Rinehart has a 15 per cent stake, this week reached financial close and gave the go-ahead to the $1.6 billion Nolans Rare Earths project in the Northern Territory, selling minerals essential to green industries such as renewables and electric vehicles.
Among its major clients is German wind turbine manufacturer Siemens Gamesa, which will be buying 520 tonnes per year of NdPr oxide (Neodymium-Praseodymium), which is vital for making high-performance permanent magnets that are critical for wind turbines and EVs, as well as aerospace and defence technologies.
The biggest contract is with Hyundai and Kia for 1,500 tonnes a year to support their growing fleet of electric vehicles, and those two contracts – specifically for green technologies – will account for 57 per cent of the planned output of the Nolan mine, located some 135 km north of Alice Springs.
Another 800 tonnes of NdPr has been contracted by commodity trading group Traxys, while the Australian government is likely to take 500 tonnes for its own strategic reserve.
