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Australian rare earths firm pulls out of land purchase; to relocate planned processing facilities

3:54 AM MDT | June 24, 2013 | Francinia Protti-Alvarez

Arafura Resources (Perth, Australia), a rare earths miner, has backed out of a deal to buy land from mining and steel company Arrium (Sydney) at Whyalla, South Australia, the company has announced. Arafura had been planning to build a rare earths processing complex on the 800-hectare piece of land, which it agreed to buy from a subsidiary of Arrium in July 2011. The company is instead seeking to save 400 million Australian dollars ($368.4 million) by relocating its plans for intermediate chemical processing and rare earth separation activities to Australia's...

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