Arafura Resources has formally cancelled an agreement to purchase an industrial site in Whyalla, South Australia as part of its cost-savings initiatives.
The rare earths miner announced in April that it was seeking to save between $500 million and $1 billion by shelving plans to build a chemical processing facility at Whyalla.
Arafura said today, however, it was targeting savings of up to $400 million by building the plant closer to its Nolans Bore rare earths development in the Northern Territory.
Whyalla said today the land at Whyalla was no longer required and could not see any benefit from retaining the land.
At 11:10AM, WST, Arafura stocks were down 11.1 per cent, trading at 8 cents.
