{
  "commitment": {
    "id": "fin-au-arafura-nolans-2025-equity",
    "eventId": "evt-us-au-framework-2025",
    "relationships": [
      {
        "commitmentId": "fin-us-au-framework-2025-au-financing",
        "relationship": "part_of",
        "sourceId": "src-pm-us-au-framework-2025",
        "locator": "Fourth and seventh paragraphs",
        "note": "Presented as one of the pipeline's priority projects with financial commitments announced the same day."
      }
    ],
    "instrument": "equity",
    "valueRole": "commitment",
    "capitalSource": "public",
    "amount": {
      "value": "100000000",
      "currency": "USD",
      "qualifier": "exact",
      "amountAsStated": "a USD$100 million equity investment in the project",
      "currencyBasis": "stated"
    },
    "provider": "Australian Government",
    "providerJurisdiction": "australia",
    "providerOrgIds": [
      "org-au-government"
    ],
    "legalAuthority": null,
    "programmeId": null,
    "recipient": "Arafura Rare Earths Limited",
    "recipientOrgIds": [
      "org-arafura-rare-earths"
    ],
    "project": "Nolans rare earths project",
    "projectId": "prj-au-nolans",
    "facility": null,
    "locations": [
      {
        "countryCode": "AU",
        "subnational": "Northern Territory",
        "asStated": "the Northern Territory"
      }
    ],
    "stages": [],
    "stageAllocation": "not_stated",
    "materialIds": [
      "rare-earth-elements"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "announced",
        "date": "2025-10-20",
        "sourceId": "src-pm-us-au-framework-2025",
        "note": null
      },
      {
        "status": "contracted",
        "date": "2026-04-01",
        "sourceId": "src-arafura-nolans-efa-subscription-2026",
        "note": "Arafura executed a binding US$100 million subscription agreement with Export Finance Australia; completion remained subject to conditions precedent."
      }
    ],
    "implementationStatusHistory": [],
    "terms": [],
    "outcomes": [
      {
        "metric": "supply_share",
        "value": "5",
        "qualifier": "exact",
        "unit": "% of global rare earths",
        "targetDate": null,
        "asStated": "Once operational, this project will produce 5 per cent of global rare earths",
        "statedBy": "government",
        "sourceId": "src-pm-us-au-framework-2025",
        "note": "The Australian Government's statement, not an estimate made here."
      }
    ],
    "evidence": [
      {
        "sourceId": "src-pm-us-au-framework-2025",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "provider",
          "recipient",
          "project",
          "location",
          "materials",
          "status",
          "outcomes"
        ],
        "evidence": "explicit",
        "locator": "Seventh and eighth paragraphs",
        "note": null
      },
      {
        "sourceId": "src-pm-us-au-framework-2025",
        "supports": [
          "relationships"
        ],
        "evidence": "ambiguous",
        "locator": "Fourth paragraph",
        "note": "That this equity counts towards Australia's USD 1 billion is implied, not stated."
      },
      {
        "sourceId": "src-arafura-nolans-efa-subscription-2026",
        "supports": [
          "instrument",
          "amount",
          "provider",
          "status",
          "project",
          "recipient"
        ],
        "evidence": "explicit",
        "locator": "Overview and Export Finance Australia section (pp. 1–2); Annexure B (p. 6)",
        "note": "Binding US$100M EFA subscription is for fully paid ordinary shares in Arafura Rare Earths Limited, not shares in a legally distinct Nolans project. Amount and status are unchanged; completion subject to conditions precedent."
      }
    ],
    "notes": "The US$100 million EFA equity support announced in October 2025 became a binding subscription agreement on 1 April 2026. Completion remained subject to conditions precedent, so no disbursement is inferred. A 2 October 2026 lifecycle review found primary company material still tying full construction commencement to financing/settlement milestones; no later primary source reviewed cleanly confirmed full construction commencement, so no physical construction status is recorded here. The April 2026 ASX disclosure identifies Arafura Rare Earths Limited as the legal share issuer/recipient of EFA's agreed investment; Nolans is the project to which proceeds are intended to be applied, not a share-issuing entity.",
    "lifecycleReview": {
      "financialStatusCheckedAt": "2026-10-02",
      "implementationStatusCheckedAt": "2026-10-02"
    }
  },
  "event": {
    "id": "evt-us-au-framework-2025",
    "date": "2025-10-20",
    "jurisdiction": "australia",
    "titleEn": "United States–Australia Framework for Securing of Supply in the Mining and Processing of Critical Minerals and Rare Earths"
  },
  "parents": [
    {
      "commitmentId": "fin-us-au-framework-2025-au-financing",
      "relationship": "part_of",
      "sourceId": "src-pm-us-au-framework-2025",
      "locator": "Fourth and seventh paragraphs",
      "note": "Presented as one of the pipeline's priority projects with financial commitments announced the same day.",
      "commitment": {
        "id": "fin-us-au-framework-2025-au-financing",
        "eventId": "evt-us-au-framework-2025",
        "relationships": [],
        "instrument": "mixed",
        "valueRole": "program_envelope",
        "capitalSource": "public",
        "amount": {
          "value": "1000000000",
          "currency": "USD",
          "qualifier": "at_least",
          "amountAsStated": "the US and Australia will take measures to each provide at least USD$1 billion in investments",
          "currencyBasis": "stated"
        },
        "provider": "Australian Government",
        "providerJurisdiction": "australia",
        "providerOrgIds": [
          "org-au-government"
        ],
        "legalAuthority": null,
        "programmeId": null,
        "recipient": null,
        "recipientOrgIds": [],
        "project": null,
        "projectId": null,
        "facility": null,
        "locations": [],
        "stages": [
          "mining",
          "separation",
          "processing"
        ],
        "stageAllocation": "multi_stage_unallocated",
        "materialIds": [],
        "materialAttribution": "not_stated",
        "untrackedMaterialsAsStated": [],
        "financialStatusHistory": [
          {
            "status": "announced",
            "date": "2025-10-20",
            "sourceId": "src-pm-us-au-framework-2025",
            "note": "Announced with the Framework in Washington on 20 October 2025; the Australian release is dated 21 October 2025."
          }
        ],
        "implementationStatusHistory": [],
        "terms": [
          {
            "kind": "duration",
            "value": "6",
            "qualifier": "exact",
            "currency": null,
            "unit": "months",
            "asStated": "within 6 months of the date of this Framework",
            "sourceId": "src-wh-us-au-framework-2025",
            "note": null
          }
        ],
        "outcomes": [],
        "evidence": [
          {
            "sourceId": "src-pm-us-au-framework-2025",
            "supports": [
              "value_role",
              "capital_source",
              "amount",
              "provider",
              "status"
            ],
            "evidence": "explicit",
            "locator": "Third paragraph",
            "note": "The Australian release says \"each\"; the Framework text alone says \"at least $1 billion in financing to projects located in each of the United States and Australia\"."
          },
          {
            "sourceId": "src-wh-us-au-framework-2025",
            "supports": [
              "instrument",
              "stages",
              "terms"
            ],
            "evidence": "explicit",
            "locator": "Recitals; Section I, investment and financing clauses",
            "note": "\"The Participants will mobilize government and private sector support including for capital and operational expenditures via guarantees, loans, or equity; finalization of offtake arrangements; insurance; or regulatory facilitation.\""
          }
        ],
        "notes": "An envelope each government says it is taking measures to provide, not money committed to a recipient. Section II: the Framework \"does not constitute or create any legally binding or enforceable obligations\". The stages follow the Framework's objective of resilient supply chains \"including mining, separation, and processing\"."
      }
    }
  ],
  "children": [],
  "sources": [
    {
      "id": "src-pm-us-au-framework-2025",
      "title": "Historic critical minerals framework signed by President Trump and Prime Minister Albanese",
      "publisher": "Prime Minister of Australia",
      "url": "https://www.pm.gov.au/media/historic-critical-minerals-framework-signed-president-trump-and-prime-minister-albanese",
      "language": "en",
      "datePublished": "2025-10-21",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "The Prime Minister's release, dated Tuesday 21 October 2025 in Australia (datetime 2025-10-20T19:16:41Z), read in full in a browser on 2026-09-23 (the site blocks automated clients). Source of \"each provide at least USD$1 billion in investments towards an USD$8.5 billion pipeline ... over the next six months\", the up to USD$200 million concessional equity in the Alcoa-Sojitz Gallium Recovery Project with an Australian right of offtake, the US equity investment with a right of offtake in the same project, and the USD$100 million equity investment in Arafura's Nolans project."
    },
    {
      "id": "src-arafura-nolans-efa-subscription-2026",
      "title": "Arafura Executes Binding Cornerstone Equity Agreements",
      "publisher": "Arafura Rare Earths Limited / Australian Securities Exchange",
      "url": "https://wcsecure.weblink.com.au/pdf/ARU/03074414.pdf",
      "language": "en",
      "datePublished": "2026-04-01",
      "dateAccessed": "2026-10-02",
      "sourceType": "other",
      "confidence": "primary",
      "notes": "Arafura's ASX announcement states that it executed a binding Subscription Agreement and Investor Rights Deed with Export Finance Australia for US$100 million of equity. Completion remained subject to conditions precedent, including shareholder approval, key debt documentation and construction approvals; the sunset date stated was 1 December 2026."
    }
  ]
}